Financials Devon Energy Corporation

Equities

DVN

US25179M1036

Oil & Gas Exploration and Production

Market Closed - Nyse Other stock markets 04:00:02 2024-05-14 pm EDT			After market 04:42:41 pm
49.83 ^USD	-0.14%		49.62	-0.42%

12:28pm	Piper Sandler Adjusts Price Target on Devon Energy to $61 From $60	MT
May. 13	Mizuho Adjusts Price Target on Devon Energy to $61 From $57	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,975	6,048	29,811	40,209	29,024	31,569	-	-
Enterprise Value (EV) ¹	12,805	8,109	34,022	45,195	34,304	35,805	35,295	34,233
P/E ratio	-29.2 x	-2.22 x	10.6 x	6.74 x	7.76 x	9.65 x	8.45 x	8.99 x
Yield	1.35%	4.3%	4.47%	1.12%	1.77%	2.93%	2.79%	2.8%
Capitalization / Revenue	1.6 x	1.25 x	2.44 x	2.1 x	1.9 x	2.18 x	2.1 x	2.14 x
EV / Revenue	2.06 x	1.68 x	2.79 x	2.36 x	2.25 x	2.47 x	2.34 x	2.32 x
EV / EBITDA	4.84 x	5.1 x	6.07 x	4.71 x	4.55 x	4.79 x	4.57 x	4.57 x
EV / FCF	126 x	26.8 x	11.7 x	7.55 x	12.9 x	10.9 x	10.9 x	11.1 x
FCF Yield	0.8%	3.74%	8.54%	13.2%	7.76%	9.21%	9.16%	9%
Price to Book	1.71 x	2.09 x	3.15 x	3.6 x	2.41 x	2.38 x	2.09 x	1.83 x
Nbr of stocks (in thousands)	384,100	382,514	676,761	653,700	640,697	632,640	-	-
Reference price ²	25.97	15.81	44.05	61.51	45.30	49.90	49.90	49.90
Announcement Date	2/18/20	2/16/21	2/15/22	2/14/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,220	4,828	12,206	19,169	15,258	14,498	15,065	14,744
EBITDA ¹	2,648	1,591	5,605	9,586	7,534	7,468	7,723	7,488
EBIT ¹	925	48	3,356	7,247	4,868	4,508	4,811	4,404
Operating Margin	14.87%	0.99%	27.49%	37.81%	31.9%	31.09%	31.93%	29.87%
Earnings before Tax (EBT) ¹	-740	-3,090	2,898	7,775	4,623	4,195	4,572	4,379
Net income ¹	-355	-2,680	2,813	6,015	3,747	3,255	3,555	3,324
Net margin	-5.71%	-55.51%	23.05%	31.38%	24.56%	22.45%	23.6%	22.54%
EPS ²	-0.8900	-7.120	4.170	9.120	5.840	5.172	5.903	5.548
Free Cash Flow ¹	102	303	2,905	5,988	2,661	3,297	3,233	3,082
FCF margin	1.64%	6.28%	23.8%	31.24%	17.44%	22.74%	21.46%	20.91%
FCF Conversion (EBITDA)	3.85%	19.04%	51.83%	62.47%	35.32%	44.14%	41.86%	41.17%
FCF Conversion (Net income)	-	-	103.27%	99.55%	71.02%	101.29%	90.93%	92.74%
Dividend per Share ²	0.3500	0.6800	1.970	0.6861	0.8037	1.461	1.391	1.395
Announcement Date	2/18/20	2/16/21	2/15/22	2/14/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,273	3,812	5,626	5,432	4,299	3,823	3,454	3,836	4,145	3,596	3,601	3,588	3,640	3,378	3,374
EBITDA ¹	1,811	2,135	2,833	2,488	2,130	1,891	1,730	2,025	1,888	1,791	1,897	1,904	1,915	1,905	1,911
EBIT ¹	1,210	1,624	2,273	1,881	1,470	1,250	1,057	1,349	1,212	1,036	1,142	1,142	1,159	1,202	1,200
Operating Margin	28.32%	42.6%	40.4%	34.63%	34.19%	32.7%	30.6%	35.17%	29.24%	28.81%	31.71%	31.84%	31.85%	35.6%	35.55%
Earnings before Tax (EBT) ¹	1,662	1,262	2,495	2,465	1,553	1,224	897	1,072	1,430	768	1,092	1,112	1,113	1,168	1,173
Net income ¹	1,506	989	1,932	1,893	1,201	995	690	910	1,152	596	835.2	841.2	858	887.3	881.6
Net margin	35.24%	25.94%	34.34%	34.85%	27.94%	26.03%	19.98%	23.72%	27.79%	16.57%	23.19%	23.45%	23.57%	26.27%	26.12%
EPS ²	2.230	1.480	2.930	2.880	1.830	1.530	1.070	1.420	1.810	0.9500	1.305	1.309	1.354	1.402	1.386
Dividend per Share ²	0.1100	1.000	0.1600	0.1800	0.1786	0.2056	0.2003	0.1987	0.1991	0.4400	0.3504	0.5689	0.5929	0.5291	0.4818
Announcement Date	2/15/22	5/2/22	8/1/22	11/1/22	2/14/23	5/9/23	8/1/23	11/7/23	2/27/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,830	2,061	4,211	4,986	5,280	4,236	3,727	2,664
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.069 x	1.295 x	0.7513 x	0.5201 x	0.7008 x	0.5673 x	0.4825 x	0.3558 x
Free Cash Flow ¹	102	303	2,905	5,988	2,661	3,297	3,233	3,082
ROE (net income / shareholders' equity)	7.59%	-61.7%	46.3%	58.9%	32.3%	25.5%	24.5%	20.9%
ROA (Net income/ Total Assets)	3.42%	22.7%	18.2%	26.9%	15.5%	12.7%	12.2%	10%
Assets ¹	-10,383	-11,814	15,469	22,373	24,105	25,648	29,247	33,237
Book Value Per Share ²	15.20	7.550	14.00	17.10	18.80	20.90	23.90	27.30
Cash Flow per Share ²	5.020	3.820	7.270	12.90	10.20	10.70	11.20	11.80
Capex ¹	1,941	1,161	1,989	2,542	3,883	3,467	3,530	3,644
Capex / Sales	31.21%	24.05%	16.3%	13.26%	25.45%	23.92%	23.43%	24.71%
Announcement Date	2/18/20	2/16/21	2/15/22	2/14/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Devon Energy Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

49.9 USD

Average target price

58.36 USD

Spread / Average Target

+16.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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