Devon Energy Co. to Post FY2024 Earnings of $4.72 Per Share, Capital One Financial Forecasts (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Stock analysts at Capital One Financial cut their FY2024 earnings per share estimates for Devon Energy in a research report issued to clients and investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings per share of $4.72 for the year, down from their previous estimate of $5.34. The consensus estimate for Devon Energy’s current full-year earnings is $5.36 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.12 EPS, Q1 2025 earnings at $0.99 EPS, Q2 2025 earnings at $1.09 EPS, Q3 2025 earnings at $1.15 EPS, Q4 2025 earnings at $1.20 EPS, FY2025 earnings at $4.43 EPS and FY2026 earnings at $5.04 EPS.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share.

A number of other research firms also recently commented on DVN. Truist Financial decreased their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Bank of America reaffirmed a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, UBS Group decreased their target price 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. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Down 0.5 %

DVN opened at $40.78 on Friday. The company has a market capitalization of $25.77 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The firm has a 50-day simple moving average of $44.17 and a two-hundred day simple moving average of $47.30. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 52 week low of $39.02 and a 52 week high of $55.09.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. Devon Energy’s payout ratio is 16.79%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. boosted its holdings in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. Retirement Group LLC raised its position in Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC boosted its position in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC grew its stake in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares during the period. 69.72% of the stock is currently owned by 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.