Devon Energy Co. (NYSE:DVN – Get Rating) – Research analysts at Capital One Financial upped their Q3 2022 EPS estimates for shares of Devon Energy in a note issued to investors on Wednesday, August 31st. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings of $2.25 per share for the quarter, up from their prior forecast of $1.93. The consensus estimate for Devon Energy’s current full-year earnings is $9.17 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2022 earnings at $2.91 EPS, FY2022 earnings at $9.63 EPS, FY2023 earnings at $11.24 EPS and FY2024 earnings at $9.26 EPS.
DVN has been the subject of a number of other research reports. Bank of America cut their price target on shares of Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Piper Sandler cut their price target on shares of Devon Energy from $97.00 to $94.00 in a report on Friday, July 22nd. Truist Financial upped their price objective on shares of Devon Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Finally, The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, July 5th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $75.53.
Devon Energy Stock Performance
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Shares of Devon Energy stock opened at $70.34 on Monday. The company has a 50 day moving average of $60.20 and a 200-day moving average of $62.03. Devon Energy has a 1-year low of $27.40 and a 1-year high of $79.40. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The company has a market cap of $46.06 billion, a PE ratio of 8.93 and a beta of 2.55.
Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 132.8% on a year-over-year basis.
Institutional Investors Weigh In On Devon Energy
Several large investors have recently modified their holdings of DVN. 1832 Asset Management L.P. increased its position in shares of Devon Energy by 101.4% during the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock worth $235,861,000 after buying an additional 2,691,049 shares during the period. Boston Partners boosted its stake in Devon Energy by 36.6% during the first quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock worth $459,821,000 after acquiring an additional 2,083,360 shares in the last quarter. FMR LLC boosted its stake in Devon Energy by 9.8% during the second quarter. FMR LLC now owns 23,000,119 shares of the energy company’s stock worth $1,267,536,000 after acquiring an additional 2,060,138 shares in the last quarter. Bank of Montreal Can boosted its stake in Devon Energy by 276.7% during the first quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company’s stock worth $143,776,000 after acquiring an additional 1,743,220 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Devon Energy during the first quarter worth $85,234,000. 79.19% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Devon Energy
In other Devon Energy news, Director Ann G. Fox sold 2,150 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $70.27, for a total value of $151,080.50. Following the completion of the transaction, the director now directly owns 26,858 shares in the company, valued at approximately $1,887,311.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Ann G. Fox sold 2,150 shares of the stock in a transaction on Monday, June 13th. The shares were sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Dennis C. Cameron sold 4,537 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
Devon Energy Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be given a $1.55 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 8.81%. The ex-dividend date is Friday, September 9th. Devon Energy’s dividend payout ratio is 64.47%.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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