Devon Energy Co. Expected to Post Q2 2024 Earnings of $1.21 Per Share (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Investment analysts at Zacks Research raised their Q2 2024 EPS estimates for Devon Energy in a report released on Thursday, April 25th. Zacks Research analyst J. Saha now expects that the energy company will earn $1.21 per share for the quarter, up from their prior estimate of $1.17. The consensus estimate for Devon Energy’s current full-year earnings is $5.28 per share. Zacks Research also issued estimates for Devon Energy’s Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $4.99 EPS, Q1 2025 earnings at $1.24 EPS, Q2 2025 earnings at $1.33 EPS, Q3 2025 earnings at $1.35 EPS and FY2025 earnings at $5.44 EPS.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $1.66 earnings per share. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year.

Several other equities analysts have also commented on the stock. Susquehanna increased their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Scotiabank increased their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Finally, Piper Sandler increased their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Price Performance

DVN stock opened at $51.18 on Monday. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $49.07 and a two-hundred day simple moving average of $46.22. The firm has a market capitalization of $32.50 billion, a P/E ratio of 8.78 and a beta of 2.19.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.44%. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Salem Investment Counselors Inc. grew its position 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 worth $42,000 after buying an additional 199 shares during the last quarter. MCF Advisors LLC grew its position in Devon Energy by 5.6% during 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 during the last quarter. Cornerstone Wealth Management LLC grew its position in Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the last quarter. Clearbridge Investments LLC grew its position in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares during the last quarter. Finally, MTM Investment Management LLC lifted its stake in Devon Energy by 4.4% during the 1st quarter. MTM Investment Management LLC now owns 6,066 shares of the energy company’s stock valued at $304,000 after acquiring an additional 253 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.