Devon Energy Co. (NYSE:DVN) to Post Q3 2022 Earnings of $2.02 Per Share, Capital One Financial Forecasts

Devon Energy Co. (NYSE:DVNGet Rating) – Capital One Financial decreased their Q3 2022 EPS estimates for Devon Energy in a report issued on Tuesday, August 2nd. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings per share of $2.02 for the quarter, down from their prior forecast of $2.03. The consensus estimate for Devon Energy’s current full-year earnings is $9.00 per share. Capital One Financial also issued estimates for Devon Energy’s FY2022 earnings at $8.44 EPS and FY2023 earnings at $7.87 EPS.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 49.79%. The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter last year, the firm posted $0.60 earnings per share. Devon Energy’s revenue was up 132.8% on a year-over-year basis.

A number of other equities analysts also recently commented on the stock. Bank of America cut their target price on shares of Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 19th. The Goldman Sachs Group cut their target price on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 5th. Piper Sandler cut their target price on shares of Devon Energy from $97.00 to $94.00 in a research note on Friday, July 22nd. Stifel Nicolaus raised their price target on shares of Devon Energy from $88.00 to $93.00 in a report on Thursday, June 9th. Finally, Johnson Rice lowered shares of Devon Energy from a “buy” rating to an “accumulate” rating in a report on Tuesday, May 24th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.24.

Devon Energy Stock Performance

Shares of DVN stock opened at $56.70 on Wednesday. The company’s fifty day simple moving average is $61.96 and its 200-day simple moving average is $59.86. Devon Energy has a 52 week low of $24.46 and a 52 week high of $79.40. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.69. The company has a market cap of $37.42 billion, a PE ratio of 7.20 and a beta of 2.55.

Institutional Trading of Devon Energy

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Devon Energy by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 75,339,676 shares of the energy company’s stock valued at $4,454,836,000 after purchasing an additional 541,701 shares during the last quarter. GQG Partners LLC raised its position in shares of Devon Energy by 3.6% during the 1st quarter. GQG Partners LLC now owns 15,031,333 shares of the energy company’s stock worth $888,575,000 after buying an additional 523,911 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Devon Energy by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 12,797,427 shares of the energy company’s stock worth $562,357,000 after buying an additional 621,809 shares in the last quarter. Boston Partners raised its position in shares of Devon Energy by 36.6% during the 1st quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock worth $459,821,000 after buying an additional 2,083,360 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after buying an additional 99,059 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $70.27, for a total value of $151,080.50. Following the completion of the transaction, the director now directly owns 26,858 shares of the company’s stock, valued at approximately $1,887,311.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Kelt Kindick sold 9,049 shares of Devon Energy stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $68.03, for a total value of $615,603.47. Following the completion of the transaction, the director now directly owns 42,590 shares of the company’s stock, valued at approximately $2,897,397.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the transaction, the director now directly owns 26,858 shares of the company’s stock, valued at $1,887,311.66. The disclosure for this sale can be found here. Insiders sold a total of 15,736 shares of company stock valued at $1,009,640 in the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Devon Energy announced that its board has approved a share repurchase program on Monday, May 2nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the energy company to repurchase up to 4.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be issued a dividend of $1.55 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 10.93%. The ex-dividend date is Friday, September 9th. Devon Energy’s dividend payout ratio (DPR) is currently 64.47%.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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