Devon Energy Co. (NYSE:DVN) Expected to Post Q2 2024 Earnings of $1.32 Per Share

Devon Energy Co. (NYSE:DVN) – Equities researchers at Zacks Research raised their Q2 2024 earnings per share (EPS) estimates for Devon Energy in a report released on Wednesday, July 31st. Zacks Research analyst J. Saha now forecasts that the energy company will post earnings of $1.32 per share for the quarter, up from their prior forecast of $1.31. The consensus estimate for Devon Energy’s current full-year earnings is $5.40 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2024 earnings at $1.40 EPS, Q2 2025 earnings at $1.41 EPS, Q3 2025 earnings at $1.33 EPS, Q4 2025 earnings at $1.34 EPS, FY2025 earnings at $5.42 EPS, Q1 2026 earnings at $1.37 EPS, Q2 2026 earnings at $1.41 EPS and FY2026 earnings at $5.53 EPS.

Several other equities research analysts have also recently issued reports on the company. Susquehanna reiterated a “positive” rating and issued a $65.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Sanford C. Bernstein cut their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

Devon Energy Trading Down 5.0 %

Shares of NYSE:DVN opened at $42.79 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a market cap of $27.04 billion, a PE ratio of 8.17, a P/E/G ratio of 0.75 and a beta of 2.07. The business has a 50 day moving average of $46.83 and a 200-day moving average of $47.21. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. Salem Investment Counselors Inc. increased its holdings in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the period. Retirement Group LLC increased its holdings in Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. increased its holdings in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC increased its holdings in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Annex Advisory Services LLC increased its holdings in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.