FY2024 EPS Estimates for Devon Energy Reduced by Scotiabank

Devon Energy Co. (NYSE:DVN) – Stock analysts at Scotiabank reduced their FY2024 earnings per share (EPS) estimates for shares of Devon Energy in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the energy company will post earnings of $4.70 per share for the year, down from their previous forecast of $5.55. Scotiabank currently has a “Sector Outperform” rating and a $48.00 price target on the stock. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Scotiabank also issued estimates for Devon Energy’s FY2025 earnings at $4.20 EPS.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year.

DVN has been the subject of several other research reports. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Raymond James cut their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Truist Financial cut their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Finally, Susquehanna cut their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.18.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $37.22 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The business has a 50-day moving average price of $35.58 and a 200 day moving average price of $40.49. The firm has a market cap of $24.45 billion, a PE ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. lifted its holdings in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC acquired a new position in Devon Energy in the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after acquiring an additional 361,968 shares during the last quarter. 69.72% of the stock is currently 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.