FY2028 EPS Estimates for Devon Energy Cut by Zacks Research

Key Points

• Zacks Research cut its FY2028 EPS estimate for Devon Energy to $4.01 (from $4.06) and maintains a "Hold" rating; the consensus full-year EPS estimate remains higher at $4.85.
• Multiple other analysts have raised price targets (UBS, Morgan Stanley, Mizuho, BMO, RBC), leaving Devon with an average rating of "Moderate Buy" and a consensus target price of $52.18.
• Near-term catalysts and risks include a shareholder vote on May 4 to double authorized shares (potentially to support M&A or capital raises), an upcoming Q1 earnings call on May 5, and a shareholder-lawfirm probe into the proposed Coterra deal that could affect the merger outcome.

Devon Energy Corporation (NYSE:DVN - Free Report) - Equities researchers at Zacks Research cut their FY2028 earnings per share (EPS) estimates for Devon Energy in a report issued on Thursday, April 9th. Zacks Research analyst Team now forecasts that the energy company will post earnings per share of $4.01 for the year, down from their previous forecast of $4.06. Zacks Research currently has a "Hold" rating on the stock. The consensus estimate for Devon Energy's current full-year earnings is $4.85 per share.

Several other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, January 15th. Siebert Williams Shank increased their price objective on Devon Energy from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Monday, January 26th. UBS Group raised their target price on Devon Energy from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Morgan Stanley raised their target price on Devon Energy from $46.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, March 27th. Finally, Mizuho raised their target price on Devon Energy from $51.00 to $62.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.18.

Devon Energy Trading Down 0.0%

Devon Energy stock opened at $47.89 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. Devon Energy has a one year low of $26.76 and a one year high of $52.71. The stock has a market capitalization of $29.76 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 0.96 and a beta of 0.47. The business's fifty day moving average is $45.90 and its 200 day moving average is $39.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same period last year, the firm posted $1.10 earnings per share. Devon Energy's revenue was down 6.4% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tobam raised its stake in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after buying an additional 230 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after buying an additional 236 shares during the period. Catalyst Financial Partners LLC raised its stake in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after buying an additional 254 shares during the period. Cary Street Partners Investment Advisory LLC raised its stake in shares of Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after buying an additional 257 shares during the period. Finally, Zions Bancorporation National Association UT raised its stake in shares of Devon Energy by 7.9% in the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company's stock worth $129,000 after buying an additional 258 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, March 13th. Devon Energy's dividend payout ratio (DPR) is presently 23.02%.

Trending Headlines about Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: BMO raised its price target to $60 and maintained an "outperform" rating, signaling analyst confidence and implying ~25% upside from current levels. BMO Raises PT to $60
• Positive Sentiment: Royal Bank of Canada lifted its target to $59 (sector perform), adding another institutional signal of higher fair value against recent prices. RBC Raises PT to $59
• Neutral Sentiment: Devon set Q1 2026 earnings release and call for May 5 — an upcoming catalyst that could move the stock depending on production, commodity realization and capital allocation commentary. Earnings Date May 5
• Neutral Sentiment: Devon called a special shareholder meeting for May 4 to approve doubling authorized common shares — this increases flexibility for M&A or capital raises but raises dilution/structuring questions that investors will parse ahead of any deal. Share Authorization Vote
• Neutral Sentiment: Sector commentary from Bank of America highlights continued market dislocations (shut-in barrels, dividend focus), which can be a mixed signal for Devon depending on oil recovery and cash-return priorities. BofA Sector Note
• Negative Sentiment: Shares recently moved lower (~4% on April 8) amid a broader market/sector drawdown; that pullback reflects near-term concern around oil prices and M&A execution risk. Stock Drop Article
• Negative Sentiment: A shareholder-lawfirm alert is investigating the proposed Coterra sale terms (share-exchange ratio), introducing potential legal/approval risk that could delay, alter or reprice the merger. Coterra Investor Alert

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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