Devon Energy Co. (NYSE:DVN) Expected to Earn Q2 2024 Earnings of $1.26 Per Share

Devon Energy Co. (NYSE:DVN) – Stock analysts at Capital One Financial raised their Q2 2024 EPS estimates for shares of Devon Energy in a report released on Wednesday, July 10th. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $1.26 per share for the quarter, up from their prior forecast of $1.24. The consensus estimate for Devon Energy’s current full-year earnings is $5.25 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.52 EPS, FY2024 earnings at $5.26 EPS, Q1 2025 earnings at $1.43 EPS and Q2 2025 earnings at $1.52 EPS.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the company posted $1.46 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis.

Several other analysts have also recently commented on the stock. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday. UBS Group lifted their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday. Susquehanna restated a “positive” rating and issued a $65.00 price target on shares of Devon Energy in a research note on Tuesday. Finally, JPMorgan Chase & Co. increased their price objective on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.00.

Devon Energy Price Performance

Devon Energy stock opened at $45.90 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a market capitalization of $29.01 billion, a PE ratio of 8.76, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. The business has a 50 day simple moving average of $47.94 and a 200-day simple moving average of $47.02. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by company insiders.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the first quarter valued at $30,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy during the 4th quarter worth about $28,000. Sound Income Strategies LLC boosted its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC grew its holdings in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. Finally, Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the last quarter. 69.72% of the stock is 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.