Zacks Research Increases Earnings Estimates for Devon Energy

Devon Energy Co. (NYSE:DVN) – Research analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of Devon Energy in a report issued on Wednesday, January 15th. Zacks Research analyst J. Saha now forecasts that the energy company will post earnings per share of $4.73 for the year, up from their previous forecast of $4.72. The consensus estimate for Devon Energy’s current full-year earnings is $4.72 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2024 earnings at $1.06 EPS, Q1 2025 earnings at $1.16 EPS, Q2 2025 earnings at $1.11 EPS, Q4 2025 earnings at $1.04 EPS, FY2025 earnings at $4.47 EPS, Q1 2026 earnings at $0.99 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.06 EPS, Q4 2026 earnings at $0.95 EPS and FY2026 earnings at $4.16 EPS.

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

Several other equities research analysts have also weighed in on the company. Citigroup decreased their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Scotiabank cut their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Stock Performance

NYSE:DVN opened at $37.98 on Friday. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business has a fifty day simple moving average of $35.48 and a two-hundred day simple moving average of $40.32. The company has a market capitalization of $24.95 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. bought a new stake in Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC bought a new stake in Devon Energy in the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy in the third quarter worth approximately $230,928,000. International Assets Investment Management LLC grew its position in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.