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Concurrent Investment Advisors LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN – Free Report) by 46.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,339 shares of the energy company’s stock after selling 54,389 shares during the period. Concurrent Investment Advisors LLC’s holdings in Devon Energy were worth $2,576,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the last quarter. Wellington Management Group LLP increased its position in shares of 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 valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. State Street Corp increased its position in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its holdings in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance Shares of NYSE DVN opened at $48.44 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average price is $45.05 and its two-hundred day moving average price is $45.85. The company has a market cap of $53.29 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.31 and a beta of 0.37. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period last year, the firm posted $0.84 earnings per share. The business’s revenue was up 73.1% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 5.24 EPS for the current year. Devon Energy Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Analysts Set New Price Targets A number of research analysts have weighed in on DVN shares. Susquehanna raised their price target on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Jefferies Financial Group upped their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, UBS Group lowered their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.23.

Check Out Our Latest Stock Report on Devon Energy

Devon Energy Company Profile (Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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AlphaGrep UK Ltd bought a new stake in Devon Energy Corporation (NYSE:DVN – Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 17,557 shares of the energy company’s stock, valued at approximately $725,000.

Several other hedge funds also recently made changes to their positions in DVN. Tobam raised its stake in shares of Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after acquiring an additional 230 shares during the period. Sigma Planning Corp raised its stake in Devon Energy by 3.5% during the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock valued at $285,000 after buying an additional 233 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after buying an additional 236 shares during the last quarter. Retirement Planning Group LLC grew its position in shares of Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after acquiring an additional 243 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its position in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.58% of the stock is owned by insiders.

Analysts Set New Price Targets DVN has been the subject of several recent research reports. Susquehanna boosted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group raised their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Truist Financial increased their price target on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Barclays reduced their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.23. View Our Latest Research Report on DVN

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

Positive Sentiment: Seaport Global upgraded Devon to Buy, citing the company’s strong second-quarter 2026 results and continued operating potential. The company reported adjusted EPS of $1.57, above the $1.40 consensus estimate, while revenue of $7.42 billion significantly exceeded expectations and rose 73.1% year over year. Devon Energy stock gains on Seaport Global buy rating and strong Q2 2026 earnings Positive Sentiment: Options activity signals increased bullish interest. Traders purchased 47,557 Devon call options, approximately 21% above typical call volume. While options activity is not a fundamental indicator, the elevated call buying may support near-term momentum and suggests some traders are positioning for further gains. Positive Sentiment: Goldman Sachs continues to view Devon as an attractive energy dividend opportunity. Goldman highlighted Devon alongside other energy dividend stocks that may still offer upside despite the sector’s strong rally. Brent crude above $95 per barrel and continued strength in the energy sector provide a supportive backdrop for Devon’s oil and gas earnings and shareholder returns. Goldman’s Energy Dividend Picks: Why Devon and HF Sinclair Still Offer Upside Neutral Sentiment: Post-earnings momentum remains a focus for investors. Devon is up 16.5% since its latest earnings release, prompting analysis of whether earnings estimates can support additional gains. Its relatively low valuation, including a price-to-earnings ratio near 11, supports the value case, but the stock’s proximity to its 12-month high may limit immediate upside. Devon Energy up 16.5% since last earnings report Devon Energy Stock Down 1.5% DVN opened at $48.08 on Friday. The stock has a fifty day moving average of $44.79 and a 200-day moving average of $45.78. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market capitalization of $52.89 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.33 and a beta of 0.37.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the firm posted $0.84 EPS. The firm’s revenue was up 73.1% on a year-over-year basis. On average, equities analysts expect that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Profile (Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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Stock to Watch: Devon Energy (DVN - Free Report) Devon Energy Corporation, based in Houston, is an independent energy company engaged primarily in the exploration, development and production of oil and natural gas. The company’s oil and gas operations are concentrated onshore in the United States. Devon was founded in 1971.

DVN is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 9.43; value investors should take notice.

Seven analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.03 to $5.20 per share. DVN boasts an average earnings surprise of +9.5%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, DVN should be on investors' short list.

Beacon Pointe Advisors LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 34,688 shares of the energy company’s stock, valued at approximately $1,435,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Kimmeridge Energy Management Company LLC boosted its holdings in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. LSV Asset Management boosted its position in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after buying an additional 354,500 shares during the period. Morningstar Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $2,089,000. Illinois Municipal Retirement Fund grew its holdings in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after acquiring an additional 80,000 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth Several equities research analysts have recently weighed in on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Morgan Stanley lowered their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Raymond James Financial lowered their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Check Out Our Latest Analysis on DVN Devon Energy Price Performance Shares of DVN opened at $47.42 on Monday. The business’s 50-day moving average is $44.19 and its 200-day moving average is $45.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Equities research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is 30.40%.

Insider Activity In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Company Profile (Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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Bank of Nova Scotia acquired a new position in Devon Energy Corporation (NYSE: DVN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 941,075 shares of the energy company's stock, valued at approximately $38,885,000. Bank of Nova Scotia

Investment extends Devon’s integrated Delaware Basin model – capturing value from the wellhead to the demand center  | Source: Devon Energy Corporation

HOUSTON, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) today announced a positive Final Investment Decision (“FID”) on the Solitude Pipeline System, a WhiteWater-led joint venture that will construct two 48-inch natural gas pipelines connecting the Permian Basin to Katy, TX. Solitude is the latest in a deliberate series of steps Devon has taken to integrate and consolidate the infrastructure supporting its Delaware Basin position. Our integrated business model is built to convert basin-level constraints into durable margin and to capture value across the entire value chain, from the wellhead to the demand center.

The Solitude Pipeline System is designed for a phased build-out of approximately 2.25 Bcf per day entering service in the second half of 2029, followed by a similarly sized second phase in 2030 and the ability to expand further to meet shipper demand. Construction and in-service timing remain subject to customary regulatory approvals.

Devon has secured firm transportation capacity and will hold a 25% equity interest in the joint venture, alongside WhiteWater (50%), MPLX (10%), Diamondback Energy (7.5%) and Western Midstream Partners (7.5%).

UNLOCKING VALUE IN PERMIAN NATURAL GAS

Permian producers have long absorbed volatile and periodically negative pricing at the Waha hub, where takeaway capacity has repeatedly failed to keep pace with associated gas growth. Firm, long-haul capacity to the Gulf Coast changes that equation: it moves the majority of Devon’s Delaware gas out of Waha and into markets that will be tied to expanding LNG export and power generation, where North American liquefaction capacity is expected to more than double by the end of the decade.

Devon has already initiated the process of securing international LNG-linked pricing, including a 100 MMcf per day agreement beginning in 2027 and an additional 150 MMcf per day in 2028. Solitude gives Devon the scale and duration to access this growing LNG demand, presenting an opportunity to enhance the value of our natural gas portfolio.

“Solitude is not a standalone investment; it is the next step in an integrated model we have been building for years,” said Clay Gaspar, president and CEO. “We have taken the hardest constraints in the Delaware Basin: water, processing, compression, takeaway and power, and have de-risked the physical constraints turning each one into a source of value rather than a tax on our returns. The company’s integrated model continues to lower our cost of supply — driving free cash flow higher and deepening our peer-leading Delaware inventory. Our advantaged position will continue to enhance the company’s Delaware return profile and will enable Devon to achieve differentiated resource capture.

AN INTEGRATED DELAWARE BASIN: VALUE CREATION FROM WELLHEAD TO MARKET

Devon holds one of the largest operated positions in the economic core of the Delaware Basin, the asset that anchors more than half of the company’s production and free cash flow. Over the past several years, Devon has systematically taken ownership or long-term contractual control of the infrastructure that position depends on for optimal and profitable development:

Crude and NGL market access. Devon has built a parallel path to market its liquids, holding firm crude transportation from the Delaware Basin to the Gulf Coast. The company exports crude on an FOB basis across five to seven loading windows per month, through its VLCC position at Ingleside and through Pin Oak, where Devon holds an equity interest, providing direct waterborne access to international buyers. On the NGL side, Devon markets an LPG FOB program scaling toward three to five loading windows per month that prices a portion of its barrel against international benchmarks, supported by diversified fractionation capacity and Gulf Coast storage.  Gas takeaway. Devon has underwritten multiple long-haul projects to solve Permian egress, taking early equity positions where the risk-adjusted return warranted it. The company was a founding equity owner in Matterhorn Express, which it monetized in 2025 at a substantial gain while retaining its transportation rights. Devon has secured an additional 550 MMcf per day of firm transportation capacity on Blackcomb and Eiger, further expanding its access to Gulf Coast markets. The Solitude pipeline represents the next step in that progression, adding long-dated capacity and further diversifying Devon’s pathways to growing LNG and power-generation demand.Gas processing. Devon owns a 50% interest in Catalyst Midstream Partners, its gas gathering and processing joint venture with Howard Energy Partners, which serves Devon’s Stateline development with more than 600 MMcf per day of gas processing capacity.Gas gathering and compression. In August 2025, Devon acquired the remaining third-party interests in Cotton Draw Midstream, moving to 100% ownership of the gathering and compression system serving the company’s Cotton Draw development. Combined with the company’s Stateline and Triple Crown gas gathering and compression systems, Devon has 3.4 Bcf per day of operated compression capacity.Power and in-basin demand. Devon has built approximately 1,200 miles of electrical distribution infrastructure and four in-basin microgrids with roughly 75 MW of installed capacity, securing reliable electricity in a supply-constrained region. Devon is simultaneously underwriting new local demand for its own gas, agreeing to supply 115 MMcf per day over a seven-year term to CPV’s 1,350-megawatt Basin Ranch Energy Center in Ward County, Texas, beginning in 2028 at pricing indexed to ERCOT West.Produced water. In 2023, Devon combined its Stateline produced-water gathering and disposal system with WaterBridge NDB, contributing approximately 210 miles of pipeline and 18 disposal wells. Following WaterBridge Infrastructure’s (NYSE: WBI) September 2025 initial public offering, Devon retains an approximate 13% ownership position in what is now one of the largest produced-water platforms in the Delaware Basin. Devon continues to build out its owned and operated water systems in the Delaware Basin with nearly 1,000 miles of water pipeline and a system capacity of 2.2 million barrels per day. “Owning and controlling this infrastructure allows for improved commercial terms that lower operating costs, earlier visibility into opportunities, and direct exposure to the demand centers that will set the price of our products for the next decade,” Gaspar continued. “Our track record, from WaterBridge to Cotton Draw to Matterhorn Express, reflects the discipline we bring to these decisions. We intend to keep applying that discipline, and this integrated model, to create long-term value for our shareholders for years to come.”

Kirkland & Ellis LLP served as legal counsel to Devon Energy Corporation in connection with the transaction.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.         

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the volatility of oil, gas and NGL prices, including from the impact of ongoing or escalating armed conflicts, wars and geopolitical instability and from changes in trade relations and policies, such as the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas properties and investments; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters, water disposal and tax matters; climate change and risks related to regulatory, social and market efforts to address climate change; risks relating to our sustainability initiatives; claims, litigation, audits and other proceedings impacting our business, including with respect to historic and legacy operations; governmental interventions in energy markets; counterparty credit risks; risks relating to our indebtedness; cybersecurity risks; risks associated with artificial intelligence and other emerging technologies; the extent to which insurance covers any losses we may experience; risks related to shareholder activism; our ability to successfully complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; risks related to the merger with Coterra, including the risk that we may not realize the anticipated synergies or other benefits of the merger or successfully integrate the two legacy businesses; and any of the other risks and uncertainties discussed in Devon’s 2025 Annual Report on Form 10-K (the “2025 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2025 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2025 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

Affinity Investment Advisors LLC acquired a new stake in Devon Energy Corporation (NYSE: DVN) during the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,687 shares of the energy company's stock, valued at approximately $566,000. A number of other hedge funds and other institutional

Ballentine Partners LLC increased its holdings in Devon Energy Corporation (NYSE: DVN) by 114.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,638 shares of the energy company's stock after purchasing an additional 12,079 shares during the quarter. Ballentine Partners

From High-Yield to High-Growth: 3 Stocks Boosting DividendsDevon Energy NYSE: DVN said second-quarter execution exceeded its guidance targets as the company advanced integration work following its May 7 merger with Coterra, identified more than 350 synergy initiatives and completed its 2026 debt-reduction target.

Second-quarter results included legacy Devon operations for the full period and Coterra operations beginning May 7. President and Chief Executive Officer Clay Gaspar said the company generated $1.7 billion in adjusted free cash flow while exceeding guidance for oil production, total production and capital spending.

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Devon Energy Bets on Scale With Coterra Acquisition“We outperformed our second quarter guidance across the key value drivers,” Gaspar said. “That execution translated into a $1.7 billion adjusted free cash flow.”

Production, costs and capital spending beat guidance Chief Financial Officer Shane Young said oil production averaged 503,000 barrels per day, or 1.6% above the midpoint of guidance. Total production reached 1.36 million barrels of oil equivalent per day, at the top end of the company’s forecast range.

3 Dividend Stocks Offering Higher Yields and Bullish ForecastsTotal operating costs, including gathering, processing and transportation expenses, were $8.23 per barrel of oil equivalent, 2% better than the midpoint of guidance. Capital expenditures totaled $1.3 billion, 2.4% below the midpoint, Young said.

Gaspar said the company’s reinvestment rate improved to 43% of cash flow, compared with rates in the mid-50% range over the preceding two years. He attributed the performance to well productivity and drilling and completion efficiencies.

Following first-half execution, Devon tightened its full-year 2026 oil-production guidance to 495,000 to 505,000 barrels per day. The company expects total volumes of about 1.4 million barrels of oil equivalent per day and full-year capital spending of $4.8 billion to $5 billion.

For the third quarter, Devon forecast oil production of 550,000 to 560,000 barrels per day, total production of 1.66 million to 1.69 million barrels of oil equivalent per day, and capital spending of $1.4 billion to $1.5 billion. Young said the quarter should be the company’s highest-capital quarter of 2026, reflecting a full quarter of combined operations and some spending that shifted from the second quarter. Capital spending is expected to decline in the fourth quarter as activity decreases in the Marcellus, Anadarko and Powder areas.

Merger integration and shareholder returns Gaspar said Devon is confident it can achieve at least $1 billion in annual synergies by year-end 2027. The company has identified more than 350 initiatives across capital optimization, operating margins and corporate costs.

The capital initiatives include lower drilling and completion costs, supply-chain benefits and reallocating 2027 spending toward more efficient uses. Operational plans include consolidating field activities, leveraging infrastructure and improving gathering, processing, transportation and revenue deductions. Corporate initiatives include eliminating redundancies and lowering the cost of capital.

Young said Devon returned more than $1 billion during the second quarter through dividends, share repurchases and debt reduction. The company paid a quarterly dividend of $0.32 per share, up 33% from the first quarter, totaling $366 million. It also repurchased 4.3 million shares during the final seven weeks of the quarter after buybacks resumed following the merger closing.

Devon retired $250 million of senior notes and $250 million of term-loan debt during the quarter. In July, it retired the remaining $750 million of its term loan scheduled to mature in the third quarter. The company said it has now completed its $1.25 billion debt-reduction target for 2026. It ended the quarter with $4 billion in liquidity, including $1 billion of cash. Devon’s remaining repurchase authorization was $7.8 billion, which Young said would be deployed through a combination of systematic and opportunistic repurchases. The company is targeting approximately $9 billion of total debt by year-end 2027, a level it said is achievable largely through maturities occurring during 2027.

Permian lease sale adds inventory Devon highlighted its acquisition of federal acreage in New Mexico’s Delaware Basin, which it said added approximately 400 premium drilling locations. Gaspar said the headline acquisition cost was $6.5 million per location, but the acreage’s 12.5% federal royalty rate—roughly half the typical royalty burden for state and private acreage—provided an estimated $2.5 million per-location benefit. That implied an effective cost of roughly $4 million per location, he said.

The acreage was undeveloped and adjacent to Devon’s existing footprint, according to Gaspar. He said the location could support longer laterals and benefit from the company’s existing water, gas-gathering and electrical infrastructure. Devon is already filing permits and expects the acreage to play a meaningful role in its 2027 program.

Gaspar said the federal lease sale was the last Delaware Basin federal sale of that scale. Going forward, the company expects to focus on acreage trades and smaller bolt-on acquisitions.

Technology and portfolio review remain priorities Management described technology as a key component of its operational and integration strategy. Gaspar said Devon’s closed-loop artificial intelligence system is autonomously optimizing 1,000 wells in real time, with broader deployment planned. The company is also using proprietary subsurface models to predict well performance and optimize spacing and completion designs.

Devon reported that its first 10 surfactant trial wells across six landing zones showed improved recovery versus offset control wells. John Raines, executive vice president of exploration and production for the Permian, said 90% of the trial wells showed material uplift and the company observed more than 15% uplift at 180 days. Devon plans to expand the completion-phase testing program to more than 50 wells this year.

The company is also conducting surfactant work during the production phase of wells in the Delaware Basin, with plans to scale that activity to about 20 jobs per month and evaluate expansion to the Williston Basin by year-end.

Meanwhile, Devon’s portfolio review remains underway. Gaspar said each asset is being evaluated on capital efficiency, free-cash-flow durability, market value and strategic fit within a Permian-centric business. He expects an update this fall and said the review would be measured in months rather than years.

On potential sale proceeds, Young said Devon would first address associated tax obligations and then assess the effect of any divestiture on cash flow, credit capacity and its debt target. He said possible uses could include debt reduction, opportunistic repurchases, dividend support or, for a sufficiently large transaction, an accelerated share-repurchase program.

About Devon Energy (NYSE:DVN)Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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SummaryDevon Energy is rated Strong Buy, with the market undervaluing its post-merger synergies, asset sale potential, and robust shareholder return initiatives.DVN's Q2 outperformed expectations, achieving $1.66B adj. FCF, advancing on $1B+ synergy targets, and adding premium Permian acreage with favorable royalty terms.Major asset sales—including Marcellus, Eagle Ford, and Powder River—could unlock over $12B, supporting portfolio optimization and capital redeployment.Despite oil price volatility, DVN's intrinsic value is estimated well above current levels, reflecting conservative assumptions and significant re-rating potential. onurdongel/iStock via Getty Images

Introduction The last time I covered Devon Energy (DVN), I highlighted how “A New Era Begins, And The Market Still Undervalues It,” arguing about how significant the investment’s potential is at current valuations, with ~$1 billion in synergies expected following the Coterra Energy

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of DVN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways Devon Energy tightened 2026 oil guidance while keeping output near 1.4 million Boe per day.Devon targets at least $1 billion in annual pre-tax merger synergies by year-end 2027.Devon's portfolio review weighs asset value, market value and strategic fit, with an update due this fall. Devon Energy Corporation (DVN - Free Report) emphasized merger integration, tighter execution and a portfolio review on its second-quarter 2026 earnings call. Management addressed post-merger strategic concerns.

The message was disciplined urgency: deliver synergies, clarify the asset base and raise shareholder returns without disrupting operations.

DVN Tightens the 2026 Production RangeAdjusted earnings of $1.57 per share topped the Zacks Consensus Estimate of $1.30. Revenues of $7.42 billion exceeded the $6.30 billion consensus mark.

Executive vice president and CFO Shannon Young said full-year oil guidance was tightened to 495,000-505,000 barrels per day. Total production remains roughly 1.4 million Boe per day, with capital spending of $4.8-$5 billion.

Young expects third-quarter oil production of 550,000-560,000 barrels per day, total volumes of 1.66-1.69 million Boe per day and capital of $1.4-$1.5 billion. Fourth-quarter oil should be similar or higher as spending declines.

Devon Raises Confidence in Merger SynergiesPresident, CEO and director Clay Gaspar said Devon remains on track for at least $1 billion of annual pre-tax run-rate synergies by year-end 2027, with about $600 million expected during 2027. More than 350 initiatives cover capital, margins and corporate costs.

Executive vice president of Operations Blake Sirgo said Delaware well costs near $800 per foot reflect a nine- to 12-month lag. Supply-chain changes, simul-frac use, longer laterals and AI benchmarking are not fully embedded.

A Raymond James analyst pressed management on upside. Gaspar said gross opportunity is well above $1 billion, but Devon will hold the target until savings flow through reported financials.

DVN Defends the Federal Lease AcquisitionCEO Clay Gaspar defended the $2.6 billion New Mexico federal lease purchase, adding about 400 Delaware Basin locations. He said the 12.5% royalty burden creates roughly $2.5 million of value per location, reducing effective cost from $6.5 million to about $4 million.

A Goldman Sachs analyst asked about development timing. Gaspar acknowledged Devon's communication fell short, then described the locations as top-quartile to top-decile opportunities.

Gaspar said permitting is underway and the acreage will contribute to the 2027 program. Adjacency to Devon's footprint, longer-lateral potential and infrastructure support the development case.

Devon Keeps Portfolio Decisions CloseGaspar said the portfolio review evaluates each asset through three lenses: value to Devon, market value and strategic fit with a Permian-centered business. Management expects an update this fall and has framed the process in months, not years.

A Wolfe Research analyst asked about asset-sale proceeds. CFO Young said net proceeds could affect the $9 billion year-end 2027 debt target, while buybacks, temporary dividend additions or accelerated repurchases remain options.

A Truist analyst challenged management on post-merger stock underperformance. Gaspar acknowledged investors want clearer direction but said Devon will not rush decisions or discuss rumors before completing its value-focused review.

DVN Scales AI and Recovery TechnologyExecutive vice president and chief technology officer Robert Lowe said closed-loop AI autonomously optimizes 1,000 wells. Devon has more than 2,000 additional Permian wells available for deployment and is extending the system to legacy Coterra assets.

John Raines, executive vice president of exploration and production for the Permian, said 90% of completion-phase surfactant trials produced material uplift, while results showed more than 15% uplift at 180 days. Devon plans more than 50 tests and targets 20 production-phase jobs monthly.

CEO Gaspar positioned technology as the link across operating gains and merger savings. He linked it to better recovery, lower drilling and completion costs and a path toward reducing the corporate decline rate.

Devon Stays Focused on Speed and DisciplineGaspar's closing posture centered on rapid synergy delivery, portfolio action, a capital-efficient 2027 plan and increased share repurchases after completing the 2026 debt-reduction goal.

Gaspar emphasized transparency on savings while withholding asset-specific signals. Initial 2027 views are scheduled for November, providing an outline of the combined company's capital plan.

DVN's Zacks Rank and Style ScoresDVN carries a Zacks Rank #3 (Hold). Its Value Score of A and Growth Score of B are favorable, while the Momentum Score of F is unfavorable. The VGM Score of B is favorable overall. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks Style Scores complement the Rank, with the strongest combinations pairing a Zacks Rank #1 or #2 (Buy) with A or B scores. A Zacks Rank #3 can support holding, and the Rank can change as estimates are revised after the results.

Devon Energy Corporation (DVN) Q2 2026 Earnings Call August 5, 2026 11:00 AM EDT

Company Participants

Daniel Guffey
Clay Gaspar - President, CEO & Director
Shannon Young - Executive VP & CFO
Blake Sirgo - Executive Vice President of Operations
Robert Lowe - Executive VP & Chief Technology Officer
John Raines - Executive Vice President of Exploration & Production – Permian

Conference Call Participants

Arun Jayaram - JPMorgan Chase & Co, Research Division
Neil Mehta - Goldman Sachs Group, Inc., Research Division
Wei Jiang - Barclays Bank PLC, Research Division
Neal Dingmann - William Blair & Company L.L.C., Research Division
Douglas George Blyth Leggate - Wolfe Research, LLC
John Freeman - Raymond James & Associates, Inc., Research Division
Joshua Silverstein - UBS Investment Bank, Research Division
Christopher Baker - Evercore ISI Institutional Equities, Research Division
Scott Gruber - Citigroup Inc., Research Division
Nitin Kumar - Mizuho Securities USA LLC, Research Division
Phillip Jungwirth - BMO Capital Markets Equity Research
Gabe Daoud - Truist Securities, Inc., Research Division
Scott Hanold - RBC Capital Markets, Research Division

Presentation

Operator

Welcome to Devon Energy's Second Quarter 2026 Conference Call. [Operator Instructions] This call is being recorded. After today's prepared remarks, we will host a question-and-answer session.

I'd now like to turn the call over to Mr. Dan Guffey. Dan, you may begin.

Daniel Guffey

Good morning, and thank you for joining us on the call today. Last night, we issued Devon's Second Quarter 2026 earnings release and presentation materials. Throughout the call today, we will make reference to these materials to support prepared remarks. The release and slides can be found in the Investors section of the Devon website.

Joining me on the call today are Clay Gaspar, our President and Chief Executive Officer; Shane Young, our Executive Vice President and Chief Financial Officer; and other members of the executive management team.

As a reminder, this call will

Devon Energy (DVN - Free Report) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.3 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +20.77%. A quarter ago, it was expected that this oil and gas exploration company would post earnings of $1 per share when it actually produced earnings of $1.04, delivering a surprise of +4%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Devon Energy, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $7.42 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 17.76%. This compares to year-ago revenues of $4.28 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Devon Energy shares have added about 21.7% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Devon Energy?While Devon Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Devon Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.08 on $7.02 billion in revenues for the coming quarter and $4.64 on $24.28 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Kolibri Global Energy Inc. (KGEI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.

This company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +162.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Kolibri Global Energy Inc.'s revenues are expected to be $20.86 million, up 87.8% from the year-ago quarter.

A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford Purchase Licensing Rights, opens new tab

SummaryCompaniesQuarterly production jumps to 1.36 million boepd after Coterra acquisition closed in MayNet income more than doubles to $1.91 billion, highest since second-quarter 2022Portfolio review targets non-core assets as ​activist investors push sharper Permian focusAug 4 (Reuters) - Devon Energy (DVN.N), opens new tab on Tuesday reported its highest quarterly profit since 2022 that also topped Wall Street expectations, benefiting from its merger with Coterra Energy and a surge in global oil prices.

The conflict ​in the Middle East, now in its sixth month, has disrupted energy supplies, ​with benchmark Brent crude averaging 19.2% higher at $89.62 per barrel in the ⁠second-quarter from a year earlier.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Devon closed its $58 billion acquisition of Coterra Energy in May, driving ​up quarterly production to 1.36 million barrels of oil equivalent per day (mmboepd) from 841,000 boepd ​a year earlier. Its average realized price rose nearly 40% to $88.09 per barrel of oil produced.

Devon's net income more than doubled year-on-year to $1.91 billion, the highest since the second quarter of 2022, when oil prices surged following ​Russia's invasion of Ukraine.

The merger with Coterra allowed Devon to consolidate overlapping positions in ​several major U.S. shale formations, including the Delaware portion of the Permian Basin in Texas and New ‌Mexico, as ⁠well as in Oklahoma's Anadarko Basin.

In the third quarter, Devon expects total production to average between 1.66-1.69 mmboepd, with oil output averaging 550,000-560,000 barrels per day. It expects capital expenditure to range between $1.4 billion and $1.5 billion.

"Devon delivered a solid quarter, but softer oil production ​guidance on higher capex ​and no asset ⁠sale announcement could weigh on shares tomorrow," Siebert Williams Shank & Co analyst Gabriele Sorbara said.

The company added it was moving with "speed and intention" ​in its ongoing portfolio review. The shale producer has faced pressure ​from activist ⁠investors to streamline its portfolio and focus on its core Permian Basin operations.

"Activist pressure is unlikely to ease until the portfolio review produces tangible sales," Sorbara said, adding that its non-core exploration ⁠and ​production assets could potentially be valued at $25 billion.

The Houston-based ​shale producer posted an adjusted profit of $1.57 per share for the second-quarter, beating analysts' expectations of $1.39, according to data ​compiled by LSEG.

Reporting by Vallari Srivastava in Bengaluru; Editing by Diti Pujara and Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Devon Energy (DVN - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this oil and gas exploration company have returned +9.1%, compared to the Zacks S&P 500 composite's -0.5% change. During this period, the Zacks Oil and Gas - Exploration and Production - United States industry, which Devon Energy falls in, has gained 8.8%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Devon Energy is expected to post earnings of $1.30 per share, indicating a change of +54.8% from the year-ago quarter. The Zacks Consensus Estimate has changed -10.7% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $4.64 points to a change of +18.4% from the prior year. Over the last 30 days, this estimate has changed -4.3%.

For the next fiscal year, the consensus earnings estimate of $4.78 indicates a change of +3.1% from what Devon Energy is expected to report a year ago. Over the past month, the estimate has changed -5.3%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Devon Energy.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Devon Energy, the consensus sales estimate for the current quarter of $6.3 billion indicates a year-over-year change of +47%. For the current and next fiscal years, $24.28 billion and $27.66 billion estimates indicate +41.3% and +13.9% changes, respectively.

Last Reported Results and Surprise HistoryDevon Energy reported revenues of $3.81 billion in the last reported quarter, representing a year-over-year change of -14.5%. EPS of $1.04 for the same period compares with $1.21 a year ago.

Compared to the Zacks Consensus Estimate of $4.16 billion, the reported revenues represent a surprise of -8.48%. The EPS surprise was +4%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Devon Energy is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Devon Energy. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Posted by Defense World Staff on Jul 31st, 2026

Ashton Thomas Securities LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN – Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 16,599 shares of the energy company’s stock, valued at approximately $835,000.

A number of other hedge funds also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $25,000. SouthState Bank Corp increased its stake in shares of Devon Energy by 173.6% during the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after purchasing an additional 486 shares during the period. MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $29,000. Finally, Steigerwald Gordon & Koch Inc. boosted its stake in Devon Energy by 6,666.7% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock valued at $41,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Activity at Devon Energy In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last quarter. 4.58% of the stock is owned by corporate insiders.

Devon Energy Trading Down 0.5% Shares of NYSE:DVN opened at $44.23 on Friday. The business’s 50 day simple moving average is $43.68 and its 200 day simple moving average is $44.63. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $27.48 billion, a P/E ratio of 12.32 and a beta of 0.38.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue was down 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. On average, research analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Wall Street Analysts Forecast Growth A number of research analysts have commented on the company. Raymond James Financial decreased their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. JPMorgan Chase & Co. dropped their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Morgan Stanley decreased their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Finally, Capital One Financial lowered their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

View Our Latest Analysis on Devon Energy

Devon Energy Company Profile (Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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Devon Energy (DVN - Free Report) ended the recent trading session at $42.66, demonstrating a -1.16% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.21% for the day. Meanwhile, the Dow gained 1.03%, and the Nasdaq, a tech-heavy index, lost 0.22%.

Shares of the oil and gas exploration company witnessed a gain of 2.79% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 5.56%, and outperforming the S&P 500's gain of 1.7%.

The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company is scheduled to release its earnings on August 4, 2026. The company is forecasted to report an EPS of $1.3, showcasing a 54.76% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $6.3 billion, showing a 47.02% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $4.64 per share and a revenue of $24.28 billion, demonstrating changes of +18.37% and +41.25%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.9% downward. At present, Devon Energy boasts a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 9.31 right now. This signifies a discount in comparison to the average Forward P/E of 9.84 for its industry.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 217, finds itself in the bottom 12% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Posted by Defense World Staff on Jul 28th, 2026

Bank of Nova Scotia trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 47.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 122,782 shares of the energy company’s stock after selling 109,298 shares during the period. Bank of Nova Scotia’s holdings in Devon Energy were worth $6,180,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Tobam lifted its position in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC lifted its position in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after purchasing an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT lifted its holdings in shares of Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after acquiring an additional 258 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes Several equities research analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Susquehanna increased their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Argus lifted their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Read Our Latest Report on DVN

Insider Buying and Selling In other news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by insiders.

Devon Energy Stock Down 4.3% DVN stock opened at $43.12 on Tuesday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a 50-day simple moving average of $43.96 and a 200-day simple moving average of $44.45. The stock has a market capitalization of $26.80 billion, a P/E ratio of 12.01 and a beta of 0.38.

Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Devon Energy Profile (Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford - TM3EB9F0WO901 Purchase Licensing Rights, opens new tab

CompaniesJuly 24 (Reuters) - U.S. oil and gas producer Devon Energy (DVN.N), opens new tab is weighing a potential sale of ​its Eagle Ford and Powder River ‌shale assets that could fetch more than $4 billion, Bloomberg News reported on Friday, citing people familiar ​with the matter.

The potential divestment comes ​amid continued investor pressure on Devon to streamline its ⁠portfolio and focus on its core ​Permian Basin operations following its recent merger with ​Coterra Energy, with some shareholders urging faster asset sales.

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The report said Devon is expected to outline a ​strategic review of the assets when it ​reports earnings in early August, though it could still ‌opt ⁠to retain the properties and no final decision has been made.

The assets are located in South Texas and Wyoming, respectively, and ​are considered ​non-core to ⁠Devon's Permian-focused strategy, the report said.

US shale producers have been ​selling assets to pay down debt ​following ⁠a consolidation wave totaling more than $450 billion in deals since the start of 2023, according ⁠to ​the report.

Devon Energy did ​not immediately respond to Reuters request for comment.

Reporting by ​Varun Sahay in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Devon Energy (DVN - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this oil and gas exploration company have returned +4.1% over the past month versus the Zacks S&P 500 composite's +0.6% change. The Zacks Oil and Gas - Exploration and Production - United States industry, to which Devon Energy belongs, has gained 6% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Devon Energy is expected to post earnings of $1.27 per share for the current quarter, representing a year-over-year change of +51.2%. Over the last 30 days, the Zacks Consensus Estimate has changed -12.4%.

The consensus earnings estimate of $4.61 for the current fiscal year indicates a year-over-year change of +17.6%. This estimate has changed -7.2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $4.79 indicates a change of +3.9% from what Devon Energy is expected to report a year ago. Over the past month, the estimate has changed -2.6%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Devon Energy.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Devon Energy, the consensus sales estimate for the current quarter of $6.25 billion indicates a year-over-year change of +45.9%. For the current and next fiscal years, $24.23 billion and $27.66 billion estimates indicate +41% and +14.1% changes, respectively.

Last Reported Results and Surprise HistoryDevon Energy reported revenues of $3.81 billion in the last reported quarter, representing a year-over-year change of -14.5%. EPS of $1.04 for the same period compares with $1.21 a year ago.

Compared to the Zacks Consensus Estimate of $4.16 billion, the reported revenues represent a surprise of -8.48%. The EPS surprise was +4%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Devon Energy is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Devon Energy. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

In the latest close session, Devon Energy (DVN - Free Report) was down 1.08% at $42.93. The stock fell short of the S&P 500, which registered a gain of 0.38% for the day. Elsewhere, the Dow saw an upswing of 0.29%, while the tech-heavy Nasdaq appreciated by 0.62%.

The oil and gas exploration company's stock has climbed by 1.19% in the past month, exceeding the Oils-Energy sector's loss of 1.03% and lagging the S&P 500's gain of 1.61%.

The investment community will be paying close attention to the earnings performance of Devon Energy in its upcoming release. The company is slated to reveal its earnings on August 4, 2026. In that report, analysts expect Devon Energy to post earnings of $1.34 per share. This would mark year-over-year growth of 59.52%. At the same time, our most recent consensus estimate is projecting a revenue of $6.36 billion, reflecting a 48.54% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.71 per share and a revenue of $24.43 billion, indicating changes of +20.15% and +42.16%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.31% downward. Right now, Devon Energy possesses a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 9.21 right now. This denotes a discount relative to the industry average Forward P/E of 9.97.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 214, this industry ranks in the bottom 14% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.

Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.

Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.

Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.

When we join a positive earnings ESP with a Zacks Rank #3 (Hold) or stronger, stocks posted a positive bottom-line surprise 70% of the time. Plus, this system saw investors produce roughly 28% annual returns on average, according to our 10 year backtest.

Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.

Should You Consider Nextpower?The final step today is to look at a stock that meets our ESP qualifications. Nextpower (NXT - Free Report) earns a #1 (Strong Buy) 16 days from its next quarterly earnings release on July 30, 2026, and its Most Accurate Estimate comes in at $1.16 a share.

By taking the percentage difference between the $1.16 Most Accurate Estimate and the $1.04 Zacks Consensus Estimate, Nextpower has an Earnings ESP of +12.08%. Investors should also know that NXT is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

NXT is part of a big group of Oils and Energy stocks that boast a positive ESP, and investors may want to take a look at Devon Energy (DVN - Free Report) as well.

Devon Energy is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on August 4, 2026. DVN's Most Accurate Estimate sits at $1.36 a share 21 days from its next earnings release.

Devon Energy's Earnings ESP figure currently stands at +1.50% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.34.

NXT and DVN's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

In the latest trading session, Devon Energy (DVN - Free Report) closed at $43.31, marking a +2.12% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.28% for the day. Meanwhile, the Dow experienced a drop of 1.09%, and the technology-dominated Nasdaq saw an increase of 0.2%.

Shares of the oil and gas exploration company witnessed a loss of 3.77% over the previous month, beating the performance of the Oils-Energy sector with its loss of 4.3%, and underperforming the S&P 500's gain of 1.64%.

The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company is scheduled to release its earnings on August 4, 2026. On that day, Devon Energy is projected to report earnings of $1.3 per share, which would represent year-over-year growth of 54.76%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.25 billion, up 45.85% from the year-ago period.

DVN's full-year Zacks Consensus Estimates are calling for earnings of $4.81 per share and revenue of $24.59 billion. These results would represent year-over-year changes of +22.7% and +43.09%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been a 12.9% rise in the Zacks Consensus EPS estimate. At present, Devon Energy boasts a Zacks Rank of #3 (Hold).

In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 8.82. This indicates a discount in contrast to its industry's Forward P/E of 9.28.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 177, finds itself in the bottom 29% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow DVN in the coming trading sessions, be sure to utilize Zacks.com.

July 01, 2026 16:05 ET  | Source: Devon Energy Corporation

OKLAHOMA CITY, July 01, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today announced it will report second-quarter 2026 results on Tuesday, August 4, after the close of U.S. financial markets. The earnings release and presentation for the second-quarter 2026 results will be available on the company’s website at www.devonenergy.com.

On Wednesday, August 5, the company will hold a conference call at 10 a.m. CDT (11 a.m. EDT), which will consist primarily of answers to questions from analysts and investors. A webcast link to the conference call will be provided on Devon’s website at www.devonenergy.com. A replay will be available on the website following the call.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio anchored by our world-class position in the Delaware Basin, as well as high quality assets in the Anadarko Basin, Eagle Ford Shale, Marcellus Shale, Powder River Basin and Williston Basin. Devon’s disciplined capital allocation model is designed to achieve strong returns, generate resilient free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

Devon Energy (DVN - Free Report) closed the most recent trading day at $41.32, moving -1.6% from the previous trading session. This move lagged the S&P 500's daily gain of 0.79%. At the same time, the Dow added 0.26%, and the tech-heavy Nasdaq gained 1.52%.

Shares of the oil and gas exploration company witnessed a loss of 9.33% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 4.84%, and the S&P 500's loss of 1.82%.

The investment community will be paying close attention to the earnings performance of Devon Energy in its upcoming release. The company is forecasted to report an EPS of $1.27, showcasing a 51.19% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $6.43 billion, indicating a 50.08% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.85 per share and a revenue of $24.62 billion, signifying shifts of +23.72% and +43.23%, respectively, from the last year.

It is also important to note the recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 14.17% upward. At present, Devon Energy boasts a Zacks Rank of #3 (Hold).

Digging into valuation, Devon Energy currently has a Forward P/E ratio of 8.67. This represents a discount compared to its industry average Forward P/E of 9.1.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 106, placing it within the top 44% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.