Equities Analysts Offer Predictions for Devon Energy Co.’s Q1 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Research analysts at Zacks Research reduced their Q1 2024 earnings per share (EPS) estimates for Devon Energy in a report released on Thursday, April 25th. Zacks Research analyst J. Saha now forecasts that the energy company will post earnings per share of $1.13 for the quarter, down from their prior estimate of $1.14. The consensus estimate for Devon Energy’s current full-year earnings is $5.25 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2025 earnings at $1.51 EPS, Q1 2026 earnings at $1.41 EPS and FY2026 earnings at $5.91 EPS.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 EPS.

A number of other equities analysts have also recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Truist Financial upped their price objective on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Up 1.0 %

DVN stock opened at $52.62 on Friday. The company’s 50 day moving average is $48.70 and its 200 day moving average is $46.13. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC grew its stake in shares of Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after purchasing an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after buying an additional 9,823 shares during the last quarter. Atria Investments Inc increased its stake in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after buying an additional 21,400 shares during the period. Pearl River Capital LLC raised its holdings in shares of Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after acquiring an additional 58,997 shares in the last quarter. Finally, Argent Trust Co lifted its stake in Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after acquiring an additional 15,715 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.35%. Devon Energy’s payout ratio is currently 15.09%.

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.