Zacks Research Comments on Devon Energy Co.’s Q2 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Investment analysts at Zacks Research upped their Q2 2024 earnings per share (EPS) estimates for Devon Energy in a report issued on Thursday, April 25th. Zacks Research analyst J. Saha now anticipates that the energy company will earn $1.21 per share for the quarter, up from their prior forecast 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.

Several other research analysts also recently weighed in on DVN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Truist Financial upped their target price on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Susquehanna upped their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Trading Up 0.7 %

Devon Energy stock opened at $53.08 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The stock’s 50 day simple moving average is $49.07 and its two-hundred day simple moving average is $46.22. The firm has a market cap of $33.71 billion, a PE ratio of 9.10 and a beta of 2.19.

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

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC boosted its holdings in shares of Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after buying an additional 73,570 shares in the last quarter. Nordea Investment Management AB boosted its stake in Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares in the last quarter. Atria Investments Inc grew its holdings in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares during the last quarter. Pearl River Capital LLC increased its position in shares of Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, Argent Trust Co lifted its holdings in shares of Devon Energy by 22.1% in the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.