Research Analysts Offer Predictions for Devon Energy Co.’s Q2 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Analysts at Zacks Research upped their Q2 2024 earnings per share (EPS) estimates for shares of Devon Energy in a research report issued to clients and investors on Thursday, April 25th. Zacks Research analyst J. Saha now expects that the energy company will post earnings per share of $1.21 for the quarter, up from their previous forecast of $1.17. The consensus estimate for Devon Energy’s current full-year earnings is $5.28 per share. Zacks Research also issued estimates for Devon Energy’s Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $4.99 EPS, Q1 2025 earnings at $1.24 EPS, Q2 2025 earnings at $1.33 EPS, Q3 2025 earnings at $1.35 EPS and FY2025 earnings at $5.44 EPS.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 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 period last year, the firm posted $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis.

Several other equities analysts also recently issued reports on DVN. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Piper Sandler lifted their target price on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Raymond James decreased their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Barclays assumed coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Up 0.2 %

NYSE:DVN opened at $52.71 on Monday. Devon Energy has a one year low of $40.47 and a one year high of $55.09. 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 company has a market cap of $33.47 billion, a PE ratio of 9.04 and a beta of 2.19. The firm’s 50 day simple moving average is $48.88 and its 200 day simple moving average is $46.18.

Devon Energy Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in DVN. Morgan Stanley raised its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Raymond James & Associates raised its position in Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after buying an additional 736,449 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after acquiring an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after acquiring an additional 82,607 shares during the last quarter. 69.72% of the stock is 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.