Q3 2022 Earnings Forecast for Devon Energy Co. (NYSE:DVN) Issued By US Capital Advisors

Devon Energy Co. (NYSE:DVN – Get Rating) – Research analysts at US Capital Advisors increased their Q3 2022 earnings per share (EPS) estimates for Devon Energy in a report issued on Monday, April 25th. US Capital Advisors analyst C. Horwitz now anticipates that the energy company will post earnings of $2.26 per share for the quarter, up from their prior forecast of $2.04.

Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Tuesday, February 15th. The energy company reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.18. Devon Energy had a net margin of 23.60% and a return on equity of 26.76%. The firm had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $3.56 billion.

A number of other brokerages have also recently commented on DVN. Susquehanna raised their price objective on Devon Energy from $62.00 to $73.00 in a research note on Monday. Royal Bank of Canada upped their price objective on shares of Devon Energy from $54.00 to $62.00 in a research report on Thursday, February 17th. Piper Sandler raised their target price on Devon Energy from $67.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, April 7th. Morgan Stanley raised their price target on shares of Devon Energy from $54.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Citigroup boosted their price objective on Devon Energy from $39.00 to $57.00 in a research note on Thursday, January 20th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Buy” and an average price target of $62.85.

Shares of NYSE:DVN opened at $56.18 on Tuesday. Devon Energy has a 1 year low of $21.30 and a 1 year high of $65.45. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $58.90 and its 200-day moving average is $49.81. The company has a market capitalization of $37.31 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 0.15 and a beta of 2.79.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Monday, March 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 7.12%. The ex-dividend date of this dividend was Friday, March 11th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.84. Devon Energy’s payout ratio is 95.92%.

In related news, EVP Dennis C. Cameron sold 8,626 shares of the stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $53.68, for a total transaction of $463,043.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Tana K. Cashion sold 17,455 shares of the company’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $58.41, for a total transaction of $1,019,546.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 164,251 shares of company stock valued at $9,827,922. 0.59% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the business. GQG Partners LLC raised its position in shares of Devon Energy by 87,102.0% in the third quarter. GQG Partners LLC now owns 13,912,210 shares of the energy company’s stock valued at $493,965,000 after buying an additional 13,896,256 shares during the last quarter. Boston Partners raised its position in shares of Devon Energy by 174.3% in the fourth quarter. Boston Partners now owns 5,691,104 shares of the energy company’s stock valued at $250,767,000 after buying an additional 3,616,599 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $139,113,000. 1832 Asset Management L.P. raised its position in shares of Devon Energy by 101.4% in the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock valued at $235,861,000 after buying an additional 2,691,049 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Devon Energy by 183.0% during the third quarter. Lord Abbett & CO. LLC now owns 3,961,560 shares of the energy company’s stock worth $140,675,000 after purchasing an additional 2,561,560 shares during the last quarter. Institutional investors own 88.11% of the company’s stock.

About Devon Energy (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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