Devon Energy Corp.
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+ FollowMarket Cap$46.52B
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Earnings Call Q3 2026
November 6, 2026 - AI Summary
Strong Q3 post-merger execution + cash generation (good)
- First full quarter as the combined company; oil and total production met guidance and hit all-time highs.
- Natural gas realization rebounded to ~$/Mcf 2.0 (vs prior softness), driven mainly by the Permian where realizations averaged ~$1.74/MMBtu (~60% of Henry Hub).
- Cash costs beat the guidance midpoint by ~2%.
- Discretionary cash flow: ~$3.5B, >20% higher than the prior period.
- Capital invested: ~$1.5B on a ~43% reinvestment rate, resulting in free cash flow of ~$2.0B for the quarter.
2026 finish + 2027 initial outlook (forecast)
- Q4 2026: expects oil 550–560 kbpd, total production 1.66–1.70 MMboe/d; capital ~$1.29B–$1.395B (near midpoint of 2026 guide).
- 2027 (initial, market-condition-based; assumes Eagle Ford sale closes early 2027):
- Oil ~525 kbpd, total ~1.6 MMboe/d, capital ~ $5.3B
- ~75% of 2027 capital to the Permian
- Excludes optional land/ground game and Solitude equity investment.
- Solitude Pipeline equity investment expected ~ $400M in 2027; project total ~$500M (with ~$100M invested year-to-date).
- Management highlighted a capital-efficiency improvement: 2027 capital less than pro forma 2026 for similar assets.
Expected cash flow + “excess free cash” plan supporting shareholder returns (good/surprising)
- Company projects ~$12B cash flow in 2027 (based on current costs/commodity prices).
- Add ~$3.5B net proceeds from Eagle Ford sale expected early 2027 → ~$15.5B total cash inflows.
- After funding capital, dividends, debt maturities, and Solitude + ground game, expects ~$6B of excess free cash flow usable for buybacks and liquidity enhancement.
- Notable framing: multi-year approach for returns targets ~low single-digit oil growth with conservative reinvestment of ~45%–60% of free cash flow, aiming for ~5%–10% annual free cash flow per share growth.
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$99.29
113.1% upside
Current Fair Value
113.1% upsideUndervalued by 113.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $46.52 Billion |
|---|---|
| Enterprise Value | $57.15 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 2.65% |
| Earnings per Share | $4.21 |
| Beta | 0.43 |
| Outstanding Shares | 937,000,000 |
Return
| Return on Equity | 8.57% |
|---|---|
| Return on Assets | 5.09% |
| Return on Invested Capital | 8.56% |
Valuation & Multiples
| P/E Ratio | 10.5 |
|---|---|
| PEG | 22.47 |
| Price to Sales | 1.94 |
| Price to Book Ratio | 1.06 |
| Enterprise Value to Revenue | 2.52 |
| Enterprise Value to EBIT | 10.43 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 0.26 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$1.42
Est. $1.33Revenue
$6.86 B
Est. $6.57 BNext Earnings Call
Expected Date
February 16, 2027
EPS Estimate
$1.51
Consensus analyst estimateRevenue Estimate
$7.01 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.31, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.3061▲ 101.54% |
|---|---|
| Total Calls | 212,841▼ 99.46% |
| Total Puts | 278,000▼ 97.58% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 18.74%▼ 93.75% |
|---|---|
| Total Invested | $8.09B▼ 81.45% |
| Investors Holding | 799▼ 748.00% |
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...