Scotiabank Brokers Lift Earnings Estimates for Devon Energy

Key Points

• Scotiabank analyst B. Zhang sharply raised Devon Energy's FY2026 EPS estimate to $6.25 (from $2.20), kept a "Sector Perform" rating with a $46 price target, and projects FY2027 EPS of $5.65 (consensus FY2026 is $4.81).
• Other brokers (Argus, Truist, Wells Fargo, BMO) have raised price targets and issued buy/overweight ratings, leaving a MarketBeat consensus of "Moderate Buy" with an average target of $54.14; Devon recently delivered a slight quarterly EPS beat and yields about 2.0% annually.

Devon Energy Corporation (NYSE:DVN - Free Report) - Research analysts at Scotiabank upped their FY2026 earnings per share (EPS) estimates for Devon Energy in a note issued to investors on Thursday, April 23rd. Scotiabank analyst B. Zhang now expects that the energy company will earn $6.25 per share for the year, up from their prior estimate of $2.20. Scotiabank currently has a "Sector Perform" rating and a $46.00 price target on the stock. The consensus estimate for Devon Energy's current full-year earnings is $4.81 per share. Scotiabank also issued estimates for Devon Energy's FY2027 earnings at $5.65 EPS.

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

Other research analysts have also issued reports about the company. Argus increased their price objective on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Truist Financial assumed coverage on Devon Energy in a research note on Tuesday, March 24th. They set a "buy" rating and a $63.00 price objective for the company. Wells Fargo & Company reiterated an "overweight" rating and set a $66.00 price objective on shares of Devon Energy in a research note on Monday, April 20th. BMO Capital Markets increased their price objective on Devon Energy from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 7th. Finally, Capital One Financial dropped their price objective on Devon Energy from $64.00 to $63.00 and set an "overweight" rating for the company in a research note on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.14.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $48.26 on Tuesday. The business has a fifty day simple moving average of $46.71 and a 200 day simple moving average of $40.12. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $29.97 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 0.89 and a beta of 0.47. Devon Energy has a one year low of $29.70 and a one year high of $52.71.

Devon Energy Announces Dividend

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

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Woodline Partners LP increased its stake in shares of Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after buying an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Devon Energy in the second quarter valued at $403,000. Jump Financial LLC increased its stake in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after buying an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after buying an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after buying an additional 8,127 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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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