Zacks Research Weighs in on Devon Energy Co.’s Q1 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Equities research analysts at Zacks Research decreased their Q1 2024 earnings per share (EPS) estimates for shares of Devon Energy in a note issued to investors on Thursday, April 25th. Zacks Research analyst J. Saha now expects that the energy company will earn $1.13 per share for the quarter, down from their previous forecast 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 released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $1.66 EPS. The company’s revenue was down 3.6% compared to the same quarter last year.

A number of other research firms have also commented on DVN. Morgan Stanley increased their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. 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 target on the stock. Finally, Mizuho decreased their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Up 0.2 %

NYSE DVN opened at $52.72 on Friday. The firm has a market cap of $33.48 billion, a PE ratio of 9.04 and a beta of 2.19. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The stock’s 50 day simple moving average is $48.88 and its 200 day simple moving average is $46.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley raised its position in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Raymond James & Associates boosted its position in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. boosted its position in Devon Energy by 0.8% during the fourth 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 during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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 valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Devon Energy by 1.2% during the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Cuts Dividend

The business also recently disclosed 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 3.34%. Devon Energy’s dividend payout ratio (DPR) is presently 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.