Devon Energy Corp.
DVN - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$41.33B
Close$
Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong 2Q execution and cash generation (forecast beat)
- Devon delivered a broad operational beat: oil 503 kb/d (+1.6% vs midpoint) and total production 1.36 mboe/d (top end of guidance).
- Costs and capex also beat: total operating costs (incl. GP&T) $8.23/boe (~2% better vs midpoint) and capital $1.3B (~2.4% favorable vs midpoint).
- Result: $1.7B adjusted free cash flow for the quarter; reinvestment rate improved to 43% of cash flow (vs mid-50s over the prior ~2 years), reinforcing capital-efficiency claims.
Full-year 2026 outlook tightened; 2H/cycle story remains strong
- First-half strength gives confidence to tighten 2026 guidance ranges.
- 2026 guidance (tightened): oil 495–505 kb/d, total ~1.4 mboe/d, capital $4.8–$5.0B.
- 3Q steps up (full-quarter combined activity): oil 550–560 kb/d, total 1.66–1.69 mboe/d, capital $1.4–$1.5B (highest capex quarter of 2026).
- 4Q capex moderates due to normal cadence/less activity (Marcellus, Anadarko, Powder).
- Management emphasized 2H should be at or above the company’s guidance set ~60 days ago.
Merger progress (legacy Devon + Coterra) and synergies on track
- Merger closed May 7; within ~94–100 days, management claims integration has gone better than planned.
- $1B annual synergy target: stated on track for year-end 2027, with 350+ synergy initiatives underway across 3 equal buckets:
- Capital optimization (D&C cost reductions; 2027 capital allocation to best use)
- Operating margin (field consolidation; improve GP&T and revenue deducts)
- Corporate costs / cost of capital (remove redundancies)
- Big accelerant: Permian optimization + “home field advantage” operations (top-tier productivity and low D&C costs).
- Opportunity/upsides noted: technology (AI well optimization, subsurface modeling, surfactant trials) could drive additional benefit, but management said they will not raise the synergy number until benefits start flowing through financials.
Exclusive for Stockcircle Pro members
Sign up
$96.78
119.4% upside
Current Fair Value
119.4% upsideUndervalued by 119.4% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $41.33 Billion |
|---|---|
| Enterprise Value | $52.06 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 2.15% |
| Earnings per Share | $4.21 |
| Beta | 0.43 |
| Outstanding Shares | 937,000,000 |
Return
| Return on Equity | 7.86% |
|---|---|
| Return on Assets | 4.63% |
| Return on Invested Capital | 8.24% |
Valuation & Multiples
| P/E Ratio | 12.33 |
|---|---|
| PEG | 10.95 |
| Price to Sales | 2.1 |
| Price to Book Ratio | 1.0 |
| Enterprise Value to Revenue | 2.59 |
| Enterprise Value to EBIT | 9.89 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.23 |
| Debt to Equity | 0.28 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.25
Consensus analyst estimateRevenue Estimate
$6.61 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 29.08% |
|---|---|
| Total Calls | 1,841▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.46%▼ 107.03% |
|---|---|
| Total Invested | $2.36B▼ 94.59% |
| Investors Holding | 565▼ 982.00% |
About Devon Energy Corp.
2,200 employees
CEO: David Hager
Devon Energy Corporation functions as an independent energy enterprise, primarily engaged in locating, developing, and extracting crude oil, natural gas, and natural gas liquids throughout the United States. The company oversees operatio...