Devon Energy FY2024 EPS Raised by Capital One Financial

Devon Energy Co. (NYSE:DVN) – Capital One Financial raised their FY2024 earnings per share estimates for Devon Energy in a report released on Wednesday, January 8th. Capital One Financial analyst P. Johnston now expects that the energy company will post earnings of $4.52 per share for the year, up from their prior estimate of $4.50. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $0.86 EPS, Q1 2025 earnings at $1.03 EPS, Q2 2025 earnings at $1.11 EPS, Q3 2025 earnings at $1.20 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $4.61 EPS and FY2026 earnings at $4.66 EPS.

Other research analysts also recently issued reports about the stock. UBS Group decreased their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Susquehanna lowered their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.48.

Devon Energy Stock Performance

Shares of DVN opened at $36.10 on Monday. The firm has a market capitalization of $23.71 billion, a P/E ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The business has a fifty day moving average of $35.62 and a 200 day moving average of $40.56.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 earnings per share.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of the business. American Century Companies Inc. raised its stake in Devon Energy by 122.8% during the 2nd quarter. American Century Companies Inc. now owns 1,309,949 shares of the energy company’s stock worth $62,092,000 after acquiring an additional 721,978 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Devon Energy by 5.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 224,898 shares of the energy company’s stock worth $10,576,000 after purchasing an additional 10,940 shares in the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Devon Energy by 52.3% in the 2nd quarter. Meeder Advisory Services Inc. now owns 10,848 shares of the energy company’s stock valued at $514,000 after purchasing an additional 3,725 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Devon Energy by 29.3% in the 2nd quarter. Federated Hermes Inc. now owns 265,282 shares of the energy company’s stock valued at $12,574,000 after purchasing an additional 60,130 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Devon Energy by 0.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after buying an additional 1,591 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.44%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.