Capital One Financial Comments on Devon Energy Co.’s Q2 2022 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVNGet Rating) – Equities research analysts at Capital One Financial lifted their Q2 2022 EPS estimates for shares of Devon Energy in a research note issued on Wednesday, May 18th. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $2.47 per share for the quarter, up from their previous forecast of $1.83. Capital One Financial also issued estimates for Devon Energy’s Q3 2022 earnings at $2.51 EPS, Q4 2022 earnings at $2.60 EPS, FY2022 earnings at $9.46 EPS and FY2023 earnings at $9.32 EPS.

Several other equities analysts also recently commented on the stock. Credit Suisse Group increased their target price on shares of Devon Energy from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 16th. Truist Financial upped their price target on shares of Devon Energy from $91.00 to $100.00 in a report on Wednesday, May 4th. Benchmark cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, March 2nd. Mizuho upped their price target on shares of Devon Energy from $61.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, March 31st. Finally, Royal Bank of Canada upped their price target on shares of Devon Energy from $54.00 to $62.00 in a report on Thursday, February 17th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $68.33.

Devon Energy stock opened at $69.92 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $46.15 billion, a price-to-earnings ratio of 13.12 and a beta of 2.61. Devon Energy has a one year low of $24.05 and a one year high of $73.18. The company’s fifty day moving average price is $62.05 and its two-hundred day moving average price is $53.02.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.02 billion. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. During the same period in the prior year, the business posted $0.45 earnings per share.

Devon Energy declared that its Board of Directors has initiated a share repurchase plan on Monday, May 2nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the energy company to purchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Monday, June 13th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 7.27%. The ex-dividend date of this dividend is Friday, June 10th. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio is 75.05%.

In other news, EVP Dennis C. Cameron sold 8,626 shares of the firm’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $53.68, for a total transaction of $463,043.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelt Kindick sold 9,049 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $68.03, for a total transaction of $615,603.47. Following the sale, the director now directly owns 42,590 shares of the company’s stock, valued at approximately $2,897,397.70. The disclosure for this sale can be found here. Insiders sold 192,880 shares of company stock valued at $11,779,273 in the last three months. Company insiders own 0.59% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 0.7% in the first quarter. Vanguard Group Inc. now owns 75,339,676 shares of the energy company’s stock valued at $4,454,836,000 after purchasing an additional 541,701 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Devon Energy by 0.3% in the third quarter. Invesco Ltd. now owns 25,897,429 shares of the energy company’s stock valued at $919,617,000 after purchasing an additional 84,866 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Devon Energy by 3.6% in the first quarter. GQG Partners LLC now owns 15,031,333 shares of the energy company’s stock valued at $888,575,000 after purchasing an additional 523,911 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Devon Energy by 9.6% in the third quarter. Bank of New York Mellon Corp now owns 14,567,536 shares of the energy company’s stock valued at $517,294,000 after acquiring an additional 1,270,392 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Devon Energy by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 12,797,427 shares of the energy company’s stock valued at $562,357,000 after acquiring an additional 621,809 shares during the last quarter. 87.01% of the stock is owned by institutional investors.

Devon Energy Company Profile (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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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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