Analysts Offer Predictions for Devon Energy Co.’s Q3 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Equities research analysts at Zacks Research boosted their Q3 2024 earnings per share (EPS) estimates for shares of Devon Energy in a research note issued to investors on Wednesday, July 31st. Zacks Research analyst J. Saha now anticipates that the energy company will post earnings of $1.37 per share for the quarter, up from their previous forecast of $1.33. The consensus estimate for Devon Energy’s current full-year earnings is $5.40 per share. Zacks Research also issued estimates for Devon Energy’s FY2024 earnings at $5.26 EPS and Q1 2025 earnings at $1.34 EPS.

DVN has been the topic of a number of other reports. Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Citigroup boosted their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.13.

Devon Energy Stock Performance

DVN stock opened at $41.98 on Monday. The company has a 50-day simple moving average of $46.55 and a 200 day simple moving average of $47.26. The company has a market capitalization of $26.53 billion, a P/E ratio of 8.01, a PEG ratio of 0.75 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 has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $28,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp boosted its stake in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter valued at about $34,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.