Zacks Research Increases Earnings Estimates for Devon Energy

Key Points

• Zacks Research raised Devon Energy’s FY2026 EPS estimate to $5.02 from $4.96, though it remains below the broader consensus estimate of $5.49.
• Analyst sentiment remains favorable, with Devon receiving a “Moderate Buy” consensus rating and an average price target of $60.72.
• Devon recently beat quarterly earnings expectations, reporting $1.57 EPS and $7.42 billion in revenue, while paying a quarterly dividend of $0.32 per share.

Devon Energy Corporation (NYSE:DVN - Free Report) - Investment analysts at Zacks Research upped their FY2026 earnings per share estimates for shares of Devon Energy in a research note issued on Monday, October 26th. Zacks Research analyst Team now anticipates that the energy company will post earnings per share of $5.02 for the year, up from their previous estimate of $4.96. The consensus estimate for Devon Energy's current full-year earnings is $5.49 per share. Zacks Research also issued estimates for Devon Energy's Q4 2026 earnings at $1.28 EPS, Q1 2027 earnings at $1.45 EPS, Q2 2027 earnings at $1.12 EPS, Q1 2028 earnings at $1.37 EPS, Q2 2028 earnings at $1.17 EPS and FY2028 earnings at $5.09 EPS.

Other research analysts have also issued reports about the stock. Stifel Nicolaus assumed coverage on shares of Devon Energy in a report on Thursday, September 10th. They issued a "buy" rating and a $61.00 price objective for the company. BMO Capital Markets reaffirmed an "outperform" rating and set a $67.00 target price on shares of Devon Energy in a research note on Tuesday, October 6th. Susquehanna lifted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Argus reiterated a "buy" rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Finally, UBS Group increased their price target on shares of Devon Energy from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and an average target price of $60.72.

Devon Energy Stock Performance

Shares of DVN stock opened at $51.62 on Tuesday. The firm has a market capitalization of $56.79 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.34 and a beta of 0.49. The stock has a fifty day moving average of $48.65 and a 200 day moving average of $45.52. Devon Energy has a 52 week low of $31.65 and a 52 week high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business's revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp grew its position in shares of Devon Energy by 89.8% during the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after acquiring an additional 34,615,088 shares during the period. Wellington Management Group LLP increased its stake in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock worth $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Devon Energy in the 2nd quarter worth $421,226,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares of the company's stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clay Gaspar bought 3,913 shares of the firm's stock in a transaction on Monday, September 14th. The shares were bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the purchase, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 4.58% of the company's stock.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.