Q2 2024 Earnings Estimate for Devon Energy Co. (NYSE:DVN) Issued By Zacks Research

Devon Energy Co. (NYSE:DVN - Free Report) - Investment analysts at Zacks Research increased their Q2 2024 EPS estimates for shares of Devon Energy in a report released on Thursday, April 25th. Zacks Research analyst J. Saha now forecasts that the energy company will post earnings of $1.21 per share for the quarter, up from their prior estimate 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.

A number of other research analysts have also weighed in on the stock. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 11th. Wells Fargo & Company upgraded Devon Energy from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price target on Devon Energy from $57.00 to $62.00 and gave the stock an "overweight" rating in a research note on Monday, April 8th. Truist Financial boosted their price objective on Devon Energy from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Monday, April 22nd. Finally, Mizuho cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.33.

Devon Energy Stock Up 0.7 %

DVN traded up $0.37 during mid-day trading on Monday, reaching $53.08. 4,808,540 shares of the stock were exchanged, compared to its average volume of 7,819,729. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a market capitalization of $33.71 billion, a PE ratio of 9.10 and a beta of 2.19. The company has a 50 day moving average price of $49.07 and a two-hundred day moving average price of $46.22.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company's revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the company earned $1.66 earnings per share.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. boosted its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company's stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. MCF Advisors LLC grew its stake in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock worth $202,000 after buying an additional 215 shares in the last quarter. Cornerstone Wealth Management LLC increased its holdings in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company's stock worth $550,000 after buying an additional 218 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company's stock valued at $567,000 after buying an additional 239 shares in the last quarter. Finally, MTM Investment Management LLC lifted its holdings in shares of Devon Energy by 4.4% during the 1st quarter. MTM Investment Management LLC now owns 6,066 shares of the energy company's stock worth $304,000 after acquiring an additional 253 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio is 15.09%.

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.