Financials Devon Energy Corporation

Equities

DVN

US25179M1036

Oil & Gas Exploration and Production

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
52.71 ^USD	+0.19%		+1.70%	+16.36%

Apr. 25	Devon Energy Corporation Receives a Shareholder Proposal from John Chevedden	CI
Apr. 23	Stifel Nicolaus Adjusts Devon Energy Price Target to $66 From $65	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	33,346	-	-
Enterprise Value (EV) ¹	12,805	8,109	34,022	45,195	34,304	37,825	37,221	36,353
P/E ratio	-29.2 x	-2.22 x	10.6 x	6.74 x	7.76 x	10 x	9.08 x	9.3 x
Yield	1.35%	4.3%	4.47%	1.12%	1.77%	1.67%	2.67%	2.45%
Capitalization / Revenue	1.6 x	1.25 x	2.44 x	2.1 x	1.9 x	2.22 x	2.13 x	1.96 x
EV / Revenue	2.06 x	1.68 x	2.79 x	2.36 x	2.25 x	2.52 x	2.37 x	2.14 x
EV / EBITDA	4.84 x	5.1 x	6.07 x	4.71 x	4.55 x	5.1 x	4.82 x	4.77 x
EV / FCF	126 x	26.8 x	11.7 x	7.55 x	12.9 x	11.7 x	11.6 x	11.8 x
FCF Yield	0.8%	3.74%	8.54%	13.2%	7.76%	8.51%	8.59%	8.47%
Price to Book	1.71 x	2.09 x	3.15 x	3.6 x	2.41 x	2.48 x	2.2 x	1.96 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	52.71	52.71	52.71
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	15,003	15,691	17,012
EBITDA ¹	2,648	1,591	5,605	9,586	7,534	7,421	7,724	7,618
EBIT ¹	925	48	3,356	7,247	4,868	4,545	4,711	4,262
Operating Margin	14.87%	0.99%	27.49%	37.81%	31.9%	30.3%	30.03%	25.05%
Earnings before Tax (EBT) ¹	-740	-3,090	2,898	7,775	4,623	4,272	4,638	4,374
Net income ¹	-355	-2,680	2,813	6,015	3,747	3,320	3,588	3,310
Net margin	-5.71%	-55.51%	23.05%	31.38%	24.56%	22.13%	22.87%	19.46%
EPS ²	-0.8900	-7.120	4.170	9.120	5.840	5.255	5.803	5.665
Free Cash Flow ¹	102	303	2,905	5,988	2,661	3,220	3,197	3,078
FCF margin	1.64%	6.28%	23.8%	31.24%	17.44%	21.47%	20.37%	18.09%
FCF Conversion (EBITDA)	3.85%	19.04%	51.83%	62.47%	35.32%	43.4%	41.39%	40.41%
FCF Conversion (Net income)	-	-	103.27%	99.55%	71.02%	97%	89.1%	93%
Dividend per Share ²	0.3500	0.6800	1.970	0.6861	0.8037	0.8800	1.408	1.292
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 Q3	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
Net sales ¹	3,466	4,273	3,812	5,626	5,432	4,299	3,823	3,454	3,836	4,145	3,601	3,833	3,846	3,872	4,110
EBITDA ¹	1,634	1,811	2,135	2,833	2,488	2,130	1,891	1,730	2,025	1,888	1,705	1,906	1,893	1,923	1,912
EBIT ¹	1,034	1,210	1,624	2,273	1,881	1,470	1,250	1,057	1,349	1,212	969.4	1,147	1,114	1,138	1,155
Operating Margin	29.83%	28.32%	42.6%	40.4%	34.63%	34.19%	32.7%	30.6%	35.17%	29.24%	26.92%	29.92%	28.98%	29.4%	28.1%
Earnings before Tax (EBT) ¹	964	1,662	1,262	2,495	2,465	1,553	1,224	897	1,072	1,430	931.4	1,106	1,115	1,115	1,178
Net income ¹	838	1,506	989	1,932	1,893	1,201	995	690	910	1,152	719.6	843.1	832.5	858.7	888.2
Net margin	24.18%	35.24%	25.94%	34.34%	34.85%	27.94%	26.03%	19.98%	23.72%	27.79%	19.98%	22%	21.65%	22.18%	21.61%
EPS ²	1.240	2.230	1.480	2.930	2.880	1.830	1.530	1.070	1.420	1.810	1.105	1.312	1.296	1.342	1.383
Dividend per Share ²	0.1100	0.1100	1.000	0.1600	0.1800	0.1786	0.2056	0.2003	0.1987	0.1991	0.2725	0.3300	0.3650	0.3833	0.4500
Announcement Date	11/2/21	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	-	-	-	-	-

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	4,479	3,874	3,007
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.069 x	1.295 x	0.7513 x	0.5201 x	0.7008 x	0.6036 x	0.5016 x	0.3947 x
Free Cash Flow ¹	102	303	2,905	5,988	2,661	3,220	3,197	3,078
ROE (net income / shareholders' equity)	7.59%	-61.7%	46.3%	58.9%	32.3%	25%	23.7%	19.7%
ROA (Net income/ Total Assets)	3.42%	22.7%	18.2%	26.9%	15.5%	13.2%	12%	8.8%
Assets ¹	-10,383	-11,814	15,469	22,373	24,105	25,236	29,992	37,613
Book Value Per Share ²	15.20	7.550	14.00	17.10	18.80	21.30	23.90	27.00
Cash Flow per Share ²	5.020	3.820	7.270	12.90	10.20	10.40	11.00	11.00
Capex ¹	1,941	1,161	1,989	2,542	3,883	3,473	3,537	3,669
Capex / Sales	31.21%	24.05%	16.3%	13.26%	25.45%	23.15%	22.54%	21.57%
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

52.71 USD

Average target price

57.73 USD

Spread / Average Target

+9.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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