# Devon Energy Corporation (DVN)

> Source: Nexqual · https://nexqual.com/DVN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Devon Energy Corporation (DVN), nexqual.com/DVN" · informational, not investment advice.

**Price:** USD 49.18 (-1.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 49.87 · day 48.4–50.51 · 52w 31.65–52.71 · market cap $54.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $20.4B, net income $3.28B (16.1% margin), free cash flow $4.69B (SEC filings).
- Valuation: P/E 16.5x (avg 7.9x at the last 3 fiscal year-ends), net debt $10.4B.
- 5 of 80 tracked superinvestors hold DVN (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 4 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (28 analysts), mean target USD 61.5 (range 44–74).
- Total return with dividends: 1Y +50.8% vs S&P 500 +14.9%; 5Y +54.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.29, revenue estimate $6.85B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.8B | $19.8B | $15.3B | $15.9B | $17.2B | $20.4B |
| Net income | $2.81B | $6.03B | $3.74B | $2.89B | $2.64B | $3.28B |
| EPS (diluted) | $4.19 | $9.12 | $5.84 | $4.56 | $4.17 | — |
| Free cash flow | $2.91B | $5.99B | $2.66B | $2.96B | $3.12B | $4.69B |
| Net margin | 20.5% | 30.4% | 24.5% | 18.1% | 15.4% | 16.1% |
| Revenue growth | +184.8% | +44.2% | -23.0% | +4.5% | +7.8% | — |
| Cash + short-term investments | $2.10B | $1.31B | $853M | $811M | $1.38B | — |
| Total debt | $6.48B | $6.44B | $6.16B | $8.88B | $8.39B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.5x · P/S 2.6x · EV/Sales 3.2x · P/FCF 11.5x · P/B 1.3x · FCF yield 8.68% · Earnings yield 6.06% · Buyback yield (TTM) 1.42% · Net debt $10.4B · EV $64.5B
P/E at fiscal year-ends: Dec 2025 8.8x, Dec 2024 7.2x, Dec 2023 7.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold DVN (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| John Armitage | Egerton Capital | 5.08% | $499M | Added +43.3% | Q3 2026 |
| Christopher Davis | Davis Advisors | 4.49% | $1.05B | New position | Q2 2026 |
| Van Den Berg Management I |  | 0.55% | $2.6M | Added +117.1% | Q2 2026 |
| Yacktman Asset Management |  | 0.26% | $21.1M | Added +11.3% | Q2 2026 |
| Tweedy Browne |  | 0.11% | $1.4M | Added +33.3% | Q2 2026 |

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 28 analysts; mean target USD 61.5 (low 44, high 74).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Mizuho | Target lowered | Outperform | $68 → $65 |
| 2026-10-15 | Scotiabank | Initiated | Sector Outperform | $61 |
| 2026-10-15 | Morgan Stanley | Target raised | Overweight | $63 → $65 |
| 2026-10-09 | Barclays | Target raised | Overweight | $58 → $60 |
| 2026-10-07 | UBS | Target raised | Buy | $63 → $65 |
| 2026-10-07 | Truist Securities | Target lowered | Buy | $65 → $61 |
| 2026-10-02 | JP Morgan | Target raised | Overweight | $60 → $65 |
| 2026-09-28 | Wells Fargo | Target lowered | Overweight | $65 → $64 |
| 2026-09-14 | Raymond James | Target raised | Strong Buy | $64 → $67 |
| 2026-09-14 | UBS | Target raised | Buy | $55 → $63 |
| 2026-09-03 | Seaport Global | Initiated | Buy | $65 |
| 2026-08-31 | Citigroup | Target raised | Buy | $65 → $67 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.8% | +54.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +51.0% | +9.0% |
| Volatility (annualized) | 34.2% | 39.9% |
| Max drawdown | -22.1% (Mar 2026→Jul 2026) | -58.0% (Oct 2022→Apr 2025) |

## Peers (Oil & Gas E&P)
FANG (Diamondback Energy, Inc.) USD 197.14 -1.89% · OXY (Occidental Petroleum Corporatio) USD 62.5 -0.32% · EOG (EOG Resources, Inc.) USD 157.96 +0.05% · EQT (EQT Corporation) USD 54.67 +1.11% · CNQ (Canadian Natural Resources Limi) USD 53.92 -0.59% · TPL (Texas Pacific Land Corporation) USD 333.67 -3.09%

## More
Full page: https://nexqual.com/DVN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.29 | $1.22 | +6.2% | $6.85B | 21 |
| Next quarter (ends 2026-12-31) | $1.45 | $1.25 | +16.3% | $7.28B | 19 |
| Current fiscal year (ends 2026-12-31) | $5.52 | $5.08 | +8.8% | $25.49B | 23 |
| Next fiscal year (ends 2027-12-31) | $5.00 | $5.05 | -1.0% | $26.47B | 13 |