Devon Energy FY2024 EPS Cut by Capital One Financial

Devon Energy Co. (NYSE:DVN) – Investment analysts at Capital One Financial dropped their FY2024 EPS estimates for shares of Devon Energy in a report released on Tuesday, November 12th. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings per share of $4.50 for the year, down from their previous estimate of $4.74. The consensus estimate for Devon Energy’s current full-year earnings is $4.86 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $0.84 EPS, Q2 2025 earnings at $0.88 EPS, FY2025 earnings at $3.68 EPS and FY2026 earnings at $4.40 EPS.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business 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 firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 EPS.

Other equities research analysts have also recently issued research reports about the stock. Susquehanna reduced their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. JPMorgan Chase & Co. lowered their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Evercore ISI decreased their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Finally, Morgan Stanley reduced their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $51.80.

Devon Energy Stock Performance

Shares of DVN opened at $39.10 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $40.20 and a 200 day simple moving average of $44.55. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a market capitalization of $25.68 billion, a price-to-earnings ratio of 7.25, a PEG ratio of 1.19 and a beta of 2.03.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after acquiring an additional 361,968 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 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 will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.