Devon Energy Corporation
- Open
- 41.07
- Day high
- 41.78
- Day low
- 41.07
- Prev close
- 41.32
- Volume
- 813K
- Mkt cap
- $47.4B
- P/E (TTM)
- 11.4
- EPS (TTM)
- $3.61
- P/B
- 3.1
- P/S
- 2.9
- Yield
- 2.53%
- Per share
- $1.04
- ▼Insiders net selling -$5.3M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Devon Energy Corporation (DVN) is a Energy company listed on NYSE. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Devon Energy Corporation (DVN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DVN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.06 | $1.04 | -1.9% | $3.8B | -12.2% |
| Feb 17, 2026 | $0.81 | $0.82 | +1.2% | $3.9B | +16.3% |
| Nov 5, 2025 | $0.93 | $1.04 | +11.8% | $4.3B | +2.8% |
| Feb 18, 2025 | $1.00 | $1.16 | +16.0% | $4.6B | +9.9% |
| May 1, 2024 | $1.11 | $1.16 | +4.5% | $3.7B | +2.8% |
| Feb 27, 2024 | $1.41 | $1.41 | +0.0% | $3.8B | -1.4% |
| Feb 14, 2023 | $1.75 | $1.66 | -5.1% | $4.3B | +12.0% |
| Nov 1, 2022 | $2.12 | $2.18 | +2.8% | $5.4B | +30.7% |
| May 2, 2022 | $1.75 | $1.88 | +7.4% | $3.8B | -5.8% |
| Feb 15, 2022 | $1.21 | $1.39 | +14.9% | $4.3B | +14.8% |
| Nov 2, 2021 | $0.93 | $1.08 | +16.1% | $3.5B | +9.5% |
| May 4, 2021 | $0.35 | $0.45 | +28.6% | $1.8B | -18.4% |
DVN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Alexander Andreaofficer: SVP & CHIEF ADMIN OFFICER | Sell | 18,000 | $46.74 |
| May 19, 2026 | JORDEN THOMAS Edirector | Tax | 49,672 | $49.49 |
| May 19, 2026 | JORDEN THOMAS Edirector | Tax | 52,806 | $49.49 |
| May 15, 2026 | Vela Adam Mofficer: SVP & GENERAL COUNSEL | Sell | 24,342 | $47.21 |
| May 12, 2026 | Ritenour Jeffrey Lofficer: EVP & CHIEF CORP DEV OFFICER | Sell | 70,029 | $46.66 |
| May 11, 2026 | Alexander Andreaofficer: SVP, Chief Admin. Officer | Grant | 47,350 | — |
| May 11, 2026 | Young, III Shannon E.officer: EVP, CFO | Grant | 48,798 | — |
| May 11, 2026 | Vela Adam Mofficer: SVP, General Counsel | Grant | 25,619 | — |
| May 11, 2026 | Young, III Shannon E.officer: EVP, CFO | Grant | 96,995 | — |
| May 11, 2026 | SIRGO BLAKE Aofficer: EVP, Operations | Grant | 58,497 | $0.10 |
| May 11, 2026 | DeShazer Michael D.officer: EVP, Exploration & Production | Grant | 63,779 | $0.10 |
| May 11, 2026 | Shellebarger Jeffrey Earledirector | Grant | 6,505 | $0.10 |
| May 11, 2026 | SIRGO BLAKE Aofficer: EVP, Operations | Grant | 70,271 | — |
| May 11, 2026 | Alexander Andreaofficer: SVP, Chief Admin. Officer | Grant | 22,951 | — |
| May 11, 2026 | JORDEN THOMAS Edirector | Grant | 260,424 | — |
Source: DVN SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full DVN insider & 13F page →Devon Energy Corporation company profile
Overview
Devon Energy Corporation (NYSE:DVN) is an independent energy company founded in 1971 and headquartered in Oklahoma City, Oklahoma. The company went public in 1985 and has evolved into one of the leading oil and natural gas exploration and production companies in the United States. Devon operates a diversified portfolio of onshore assets across multiple prolific basins, with approximately 5,134 gross wells in operation. The company has undergone significant strategic transformation in recent years, focusing on operational excellence, capital efficiency, and shareholder returns while maintaining a disciplined approach to growth and capital allocation.
Business
Devon Energy operates in the upstream oil and gas industry, specifically focused on the exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). The upstream sector represents the initial phase of the oil and gas value chain, where companies locate hydrocarbon reserves underground, drill wells to extract these resources, and bring them to the surface for processing and sale. The company's operations are concentrated across several major shale basins in the United States: 1. Delaware Basin (West Texas/New Mexico): This represents Devon's largest and most strategic asset, accounting for over 50% of total capital investment. The Delaware Basin is part of the larger Permian Basin, one of the most productive oil regions in North America. Devon operates approximately 14 rigs and 3 completion crews here, with plans for 265 gross wells. This basin generates around 488,000 barrels of oil equivalent (BOE) per day. 2. Eagle Ford Shale (South Texas): Following the dissolution of a joint venture with BPX Energy, Devon now controls approximately 46,000 net acres with over 95% working interest. This basin has shown significant production growth, with volumes nearly doubling in recent periods. 3. Williston Basin/Bakken (North Dakota): Devon operates a three-rig program focused on the western part of the basin, contributing approximately 100,000 BOE per day. The company enhanced this position through the Grayson Mill acquisition. 4. Anadarko Basin (Oklahoma): Devon maintains a joint venture with Dow Chemical for enhanced oil recovery operations, running a two-rig program with 49 additional drilling locations planned. 5. Powder River Basin (Wyoming): Currently in development phase with focus on Niobrara formation, representing a longer-term growth opportunity. Devon's production mix is approximately 47% crude oil and 53% natural gas and NGLs, with total production averaging around 815,000 BOE per day. The company's business model centers on unconventional shale development, utilizing horizontal drilling and hydraulic fracturing technologies to extract hydrocarbons from low-permeability rock formations.
Competitive moat
Devon Energy operates in the highly competitive and commoditized oil and gas exploration and production industry, where traditional economic moats are limited. However, the company has developed several competitive advantages that provide some defensive characteristics. Asset Quality and Location: Devon's primary moat stems from its high-quality acreage positions in premier shale basins, particularly the Delaware Basin. These assets offer decades of low-risk development inventory with attractive economics. The company's acreage was largely acquired before the shale boom, providing cost advantages over competitors who paid higher prices for similar positions. Operational Excellence and Technology: Devon has invested significantly in industrial sensors, real-time data analytics, and AI-powered productivity tools, giving it operational advantages over less technologically sophisticated competitors. The company's focus on simul-frac operations, condition-based maintenance, and smart gas lift calibration has resulted in measurable efficiency gains and cost reductions. Scale and Infrastructure: Devon's size and established infrastructure provide operational efficiencies and cost advantages, particularly in the Delaware Basin where the company has built out midstream infrastructure and maintains strong vendor relationships. However, Devon's competitive position faces several vulnerabilities. The company operates in a commodity business where price-taking is the norm, limiting pricing power. Technological advantages are often temporary as best practices quickly spread throughout the industry. New entrants with access to capital can acquire acreage and adopt similar technologies, while resource depletion requires continuous capital investment to maintain production levels. The most significant competitive threats come from other large independent producers with similar asset bases, integrated oil companies with superior balance sheets, and potential disruption from renewable energy sources that could reduce long-term oil and gas demand. Additionally, private equity-backed operators often accept lower returns, creating pricing pressure in asset acquisitions and service costs. Overall, Devon's moat is moderate but not insurmountable, primarily based on asset quality and operational capabilities rather than structural competitive advantages.
Risks & safety
Devon Energy demonstrates a solid but not exceptional margin of safety, with reasonable financial strength but exposure to commodity price volatility. • Liquidity and Solvency: Strong cash position of $1.2 billion, current ratio of 1.08, and investment-grade balance sheet provide adequate near-term financial flexibility. Debt-to-equity ratio of 0.62 is manageable but not conservative. • Cash Generation: Positive free cash flow of $1 billion in Q1 2025, though this fluctuates significantly with commodity prices. Operating cash flow of $1.9 billion demonstrates strong operational cash generation capabilities. • Valuation Metrics: Trading at reasonable multiples with P/E of 12.2x, EV/EBITDA of 4.7x, and price-to-book of 1.65x. These metrics suggest fair valuation rather than deep value opportunity. • Debt Burden: Total liabilities of $16.2 billion against total assets of $30.9 billion provide reasonable coverage, though debt service requirements could pressure cash flow during commodity downturns. • Commodity Exposure: Corporate breakeven of $45 oil provides some cushion, but margins compress rapidly if oil prices fall below $50-55 range. Natural gas price weakness also pressures overall profitability. • Capital Requirements: High maintenance capital expenditure needs of $3.3-3.5 billion annually limit financial flexibility and require continuous investment to maintain production levels.
Recent development
Over the past few years, Devon Energy has executed several strategic initiatives focused on operational optimization, portfolio enhancement, and capital efficiency improvements. The company completed a significant leadership transition with Clay Gaspar replacing Rick Muncrief as CEO in early 2025, emphasizing continuity in strategic direction while bringing fresh perspective to operational execution. This transition occurred alongside a major operational milestone - the dissolution of the joint venture with BPX Energy in the Eagle Ford basin, which gave Devon full operational control and is expected to generate $2 million in savings per well through improved drilling and completion strategies. Technology and efficiency initiatives have been central to Devon's recent development strategy. The company has substantially increased its investment in industrial sensors, real-time data analytics, and AI-powered productivity tools across its operations. Specific implementations include expanded simul-frac utilization in the Delaware Basin, condition-based maintenance programs, and smart gas lift calibration systems. These technology investments have contributed to measurable productivity gains, with Delaware Basin well productivity outpacing the previous year by 20%. The company has also pursued strategic portfolio optimization through selective acquisitions and asset high-grading. The Grayson Mill acquisition in the Williston Basin added approximately 100,000 BOE per day of production and provided access to longer lateral development opportunities. Devon has simultaneously focused capital allocation on its highest-return assets, with the Delaware Basin receiving over 50% of total investment. Financial discipline and shareholder returns have become increasingly prominent themes. Devon launched a comprehensive optimization program targeting $1 billion in annual free cash flow improvements by 2026, while simultaneously increasing its quarterly dividend by 9% and expanding share repurchase programs. The company has committed to returning up to 70% of cash flow to shareholders while maintaining investment-grade balance sheet strength. Recent operational achievements include record oil production levels exceeding 400,000 barrels per day, improved capital efficiency metrics, and successful implementation of enhanced recovery techniques across multiple basins.
DVN company profile · for informational purposes only — not investment advice.
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