Zacks Research Increases Earnings Estimates for Devon Energy

Devon Energy Corporation (NYSE:DVN) – Investment analysts at Zacks Research upped their Q3 2027 earnings per share (EPS) estimates for Devon Energy in a research note issued to investors on Monday, October 26th. Zacks Research analyst Team now forecasts that the energy company will post earnings per share of $0.92 for the quarter, up from their prior estimate of $0.89. The consensus estimate for Devon Energy’s current full-year earnings is $5.49 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2027 earnings at $1.05 EPS, FY2027 earnings at $4.54 EPS and Q3 2028 earnings at $1.18 EPS.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the prior year, the firm posted $0.84 EPS. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis.

DVN has been the subject of several other reports. Citigroup lifted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Argus restated a “buy” rating and issued a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Truist Financial decreased their price objective on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Raymond James Financial upped their price objective on shares of Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Finally, Mizuho dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.72.

Devon Energy Stock Down 0.9%

DVN opened at $51.18 on Wednesday. The firm’s 50-day simple moving average is $48.72 and its 200-day simple moving average is $45.60. Devon Energy has a twelve month low of $31.65 and a twelve month high of $52.71.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. BlackRock Inc. lifted its stake in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp boosted its holdings in Devon Energy by 89.8% in the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after acquiring an additional 34,615,088 shares during the last quarter. Wellington Management Group LLP increased its position in Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares during the period. Dimensional Fund Advisors LP increased its position in Devon Energy by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after purchasing an additional 235,561 shares during the period. Finally, Bank of America Corp DE acquired a new stake in Devon Energy in the second quarter worth about $421,226,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clay M. Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was purchased at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 4.58% of the company’s stock.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th.

Devon Energy News Roundup

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Analysts raised multiple EPS forecasts. Zacks Research increased its estimates for Devon’s fourth-quarter 2026 EPS to $1.28 from $1.22, full-year 2026 EPS to $5.02 from $4.96, and full-year 2028 EPS to $5.09 from $4.76. Forecasts were also raised for several 2027 and 2028 quarters, suggesting stronger expected operating performance. MarketBeat Devon Energy analyst estimates
• Positive Sentiment: Portfolio repositioning is attracting attention. A report highlighted Devon’s strategic pivot toward the Permian Basin through an Eagle Ford-related transaction. Greater concentration in the Permian could improve operational focus and support production growth, although investors will monitor execution and integration. Devon Energy pivots to the Permian with Eagle Ford deal
• Positive Sentiment: DVN is outperforming some energy peers. Recent coverage examined Devon’s gains relative to Baytex Energy and the broader oils-and-energy group, reinforcing the view that the stock’s rally reflects stronger sector-relative momentum. Is Devon Energy stock outpacing its peers?
• Neutral Sentiment: NEQ Operating announced new executives. NEQ Operating named John Raines president and chief operating officer and Michael Magilton chief financial officer. The announcement concerns NEQ Operating and does not identify a direct change to Devon’s operations or financial outlook. NEQ Operating strengthens leadership team

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.