Devon Energy Co. Forecasted to Post Q1 2024 Earnings of $1.13 Per Share (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Equities research analysts at Zacks Research lowered their Q1 2024 earnings per share 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 earn $1.13 per share for the quarter, down from their previous estimate of $1.14. The consensus estimate for Devon Energy’s current full-year earnings is $5.25 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2025 earnings at $1.51 EPS, Q1 2026 earnings at $1.41 EPS and FY2026 earnings at $5.91 EPS.

A number of other brokerages have also weighed in on DVN. JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective for the company. Raymond James lowered their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Finally, Piper Sandler lifted their price objective on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Up 0.2 %

Shares of NYSE:DVN opened at $52.72 on Friday. The business’s 50 day moving average price is $48.88 and its 200-day moving average price is $46.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Trueblood Wealth Management LLC boosted its position in Devon Energy by 2.3% during the first quarter. Trueblood Wealth Management LLC now owns 13,923 shares of the energy company’s stock worth $699,000 after purchasing an additional 311 shares in the last quarter. LifeSteps Financial Inc. purchased a new stake in shares of Devon Energy in the first quarter valued at $55,000. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in Devon Energy in the first quarter valued at $207,000. MONECO Advisors LLC increased its stake in Devon Energy by 6.6% in the first quarter. MONECO Advisors LLC now owns 15,315 shares of the energy company’s stock valued at $768,000 after purchasing an additional 945 shares during the last quarter. Finally, LifePro Asset Management increased its stake in Devon Energy by 7.1% in the first quarter. LifePro Asset Management now owns 17,086 shares of the energy company’s stock valued at $857,000 after purchasing an additional 1,136 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

Devon Energy Company Profile

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.