Devon Energy Co. Expected to Post Q3 2024 Earnings of $1.03 Per Share (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial cut their Q3 2024 EPS estimates for Devon Energy in a research report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the energy company will earn $1.03 per share for the quarter, down from their previous forecast of $1.25. The consensus estimate for Devon Energy’s current full-year earnings is $5.36 per share.

Several other research analysts also recently commented on DVN. Truist Financial cut their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Scotiabank reduced their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Wells Fargo & Company reduced their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Price Performance

Devon Energy stock opened at $40.78 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a one year low of $39.02 and a one year high of $55.09. The firm has a market capitalization of $25.77 billion, a P/E ratio of 7.74, a PEG ratio of 1.13 and a beta of 2.03. The business has a fifty day moving average price of $44.17 and a 200-day moving average price of $47.30.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the firm earned $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis.

Devon Energy Announces Dividend

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

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the business. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the second quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the 1st quarter worth $30,000. Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy during the second quarter valued at about $34,000. Finally, PSI Advisors LLC boosted its holdings in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. 69.72% of the stock is 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.