Capital One Financial Weighs in on Devon Energy Co.’s Q2 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Research analysts at Capital One Financial lifted their Q2 2024 EPS estimates for shares of Devon Energy in a note issued to investors on Wednesday, July 10th. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $1.26 per share for the quarter, up from their previous forecast of $1.24. The consensus estimate for Devon Energy’s current full-year earnings is $5.35 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.52 EPS, FY2024 earnings at $5.26 EPS, Q1 2025 earnings at $1.43 EPS and Q2 2025 earnings at $1.52 EPS.

A number of other research analysts also recently issued reports on DVN. Morgan Stanley boosted their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Mizuho boosted their price target on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $46.50 on Thursday. The business has a 50 day moving average of $47.78 and a 200 day moving average of $47.02. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a market cap of $29.38 billion, a PE ratio of 8.87, a P/E/G ratio of 1.19 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm earned $1.46 earnings per share. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DVN. Salem Investment Counselors Inc. boosted its stake in shares of 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 boosted its position in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after buying an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of 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 worth $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC raised its stake in shares of 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 acquiring an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC boosted 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 hedge funds and other institutional investors.

Insider Activity

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

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company Profile

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.