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Zacks.com users have recently been watching Devon Energy (DVN) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Improving well productivity is helping improve Devon Energy's prospects. An impending acquisition will boost earnings and cash flow and support a dividend increase.
Devon Energy is an upstream energy producer. Devon is expanding its footprint and producing record volumes of oil and natural gas.
Devon Energy has a hefty 4.4% dividend yield. Devon Energy's dividend payment isn't stable, so you can't really count on the cash it pays out.
The Investment Committee discuss the latest Calls Of The Day.
DVN's FQ2'24 results deliver a much improved hedging result, significantly aided by the still elevated crude oil and natural gas spot prices. This is on top of the higher production volumes and the additional high-margin volumes from the soon-to-be-completed Grayson Mill Energy acquisition. DVN's strategic capital allocation across the balance sheet deleveraging, shareholder returns, and acquisitions have worked out extremely well indeed.
Devon Energy's deal for Grayson Mill Energy should move the needle. The company expects it to fuel double-digit oil and free cash flow growth next year.
Devon Energy (DVN) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Devon Energy has closely followed the price of WTI crude oil, with both trading sideways since 2022. Devon reported a strong set of Q2 results, including hiking guidance. The company is set to grow earnings with ongoing revenue gains and is committed to returning capital to shareholders. Despite a modest acquisition, a major debt-heavy deal is unlikely, positioning Devon well for future growth and shareholder value.