Equities Analysts Issue Forecasts for Devon Energy Co.’s Q1 2023 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN – Get Rating) – Equities research analysts at Capital One Financial dropped their Q1 2023 earnings estimates for Devon Energy in a research report issued on Tuesday, March 14th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings per share of $1.48 for the quarter, down from their previous estimate of $1.65. The consensus estimate for Devon Energy’s current full-year earnings is $7.04 per share. Capital One Financial also issued estimates for Devon Energy’s Q2 2023 earnings at $1.62 EPS, Q3 2023 earnings at $1.63 EPS, Q4 2023 earnings at $1.63 EPS, FY2023 earnings at $6.36 EPS and FY2024 earnings at $6.28 EPS.

Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business earned $1.39 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis.

Other analysts also recently issued reports about the company. Citigroup cut their price objective on Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, February 23rd. Evercore ISI reduced their price target on shares of Devon Energy from $80.00 to $52.00 in a research note on Tuesday. Argus increased their price objective on shares of Devon Energy from $77.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 17th. Raymond James cut their target price on Devon Energy from $80.00 to $67.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, February 22nd. Finally, Susquehanna lowered their price target on Devon Energy from $79.00 to $72.00 and set a “positive” rating for the company in a research report on Thursday, February 16th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $73.21.

Devon Energy Price Performance

DVN stock opened at $46.27 on Thursday. Devon Energy has a 52-week low of $44.03 and a 52-week high of $79.40. The business has a fifty day moving average of $59.05 and a two-hundred day moving average of $64.43. The stock has a market cap of $30.26 billion, a price-to-earnings ratio of 4.95, a price-to-earnings-growth ratio of 0.14 and a beta of 2.33. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55.

Devon Energy Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a $0.89 dividend. The ex-dividend date is Tuesday, March 14th. This is an increase from Devon Energy’s previous None dividend of $0.49. This represents a dividend yield of 9.3%. Devon Energy’s dividend payout ratio is currently 7.89%.

Insider Activity

In other news, Director John E. Bethancourt bought 3,765 shares of the stock in a transaction that occurred on Friday, February 17th. The stock was purchased at an average price of $53.06 per share, for a total transaction of $199,770.90. Following the completion of the purchase, the director now owns 94,669 shares in the company, valued at approximately $5,023,137.14. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Devon Energy news, Director John E. Bethancourt acquired 3,765 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were acquired at an average price of $53.06 per share, for a total transaction of $199,770.90. Following the acquisition, the director now owns 94,669 shares in the company, valued at approximately $5,023,137.14. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Richard E. Muncrief bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were acquired at an average price of $53.28 per share, with a total value of $532,800.00. Following the purchase, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at $105,173,494.56. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. WFA of San Diego LLC purchased a new stake in Devon Energy in the fourth quarter valued at $25,000. Tyler Stone Wealth Management purchased a new stake in shares of Devon Energy in the 4th quarter valued at about $25,000. Tradewinds Capital Management LLC lifted its holdings in shares of Devon Energy by 115.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock valued at $26,000 after purchasing an additional 230 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Devon Energy during the 1st quarter worth approximately $26,000. Finally, SJS Investment Consulting Inc. acquired a new position in Devon Energy during the third quarter worth approximately $29,000. Institutional investors and hedge funds own 78.08% of the company’s stock.

About Devon Energy

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.