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Devon Energy

NYSE:DVN
Snowflake Description

Proven track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DVN
NYSE
$11B
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. The last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
  • Devon Energy has significant price volatility in the past 3 months.
DVN Share Price and Events
7 Day Returns
1.1%
NYSE:DVN
-0.9%
US Oil and Gas
0.3%
US Market
1 Year Returns
-35.8%
NYSE:DVN
-18.1%
US Oil and Gas
0.7%
US Market
DVN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Devon Energy (DVN) 1.1% -13.8% -12.7% -35.8% -29.3% -66.5%
US Oil and Gas -0.9% -5.3% -9% -18.1% -7.4% -40.9%
US Market 0.3% 0.4% 0.6% 0.7% 37.2% 37.4%
1 Year Return vs Industry and Market
  • DVN underperformed the Oil and Gas industry which returned -18.1% over the past year.
  • DVN underperformed the Market in United States of America which returned 0.7% over the past year.
Price Volatility
DVN
Industry
5yr Volatility vs Market

DVN Value

 Is Devon Energy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Devon Energy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Devon Energy.

NYSE:DVN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DVN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.908 (1 + (1- 21%) (56.11%))
1.208
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.208 * 5.96%)
9.93%

Discounted Cash Flow Calculation for NYSE:DVN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Devon Energy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:DVN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.93%)
2019 680.25 Analyst x4 618.79
2020 607.20 Analyst x5 502.44
2021 707.00 Analyst x3 532.17
2022 941.00 Analyst x1 644.32
2023 1,027.83 Est @ 9.23% 640.19
2024 1,102.63 Est @ 7.28% 624.74
2025 1,167.84 Est @ 5.91% 601.90
2026 1,225.74 Est @ 4.96% 574.67
2027 1,278.33 Est @ 4.29% 545.18
2028 1,327.18 Est @ 3.82% 514.88
Present value of next 10 years cash flows $5,799.30
NYSE:DVN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,327.18 × (1 + 2.73%) ÷ (9.93% – 2.73%)
$18,932.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $18,932.34 ÷ (1 + 9.93%)10
$7,344.83
NYSE:DVN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,799.30 + $7,344.83
$13,144.13
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $13,144.13 / 415.25
$31.65
NYSE:DVN Discount to Share Price
Calculation Result
Value per share (USD) From above. $31.65
Current discount Discount to share price of $26.40
= -1 x ($26.40 - $31.65) / $31.65
16.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Devon Energy is available for.
Intrinsic value
17%
Share price is $26.4 vs Future cash flow value of $31.65
Current Discount Checks
For Devon Energy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Devon Energy's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Devon Energy's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Devon Energy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Devon Energy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DVN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.13
NYSE:DVN Share Price ** NYSE (2019-06-17) in USD $26.4
United States of America Oil and Gas Industry PE Ratio Median Figure of 102 Publicly-Listed Oil and Gas Companies 12.63x
United States of America Market PE Ratio Median Figure of 3,093 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Devon Energy.

NYSE:DVN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DVN Share Price ÷ EPS (both in USD)

= 26.4 ÷ 1.13

23.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Devon Energy is overvalued based on earnings compared to the US Oil and Gas industry average.
  • Devon Energy is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Devon Energy's expected growth come at a high price?
Raw Data
NYSE:DVN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
20.7%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 78 Publicly-Listed Oil and Gas Companies 0.36x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:DVN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.32x ÷ 20.7%

1.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Devon Energy is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Devon Energy's assets?
Raw Data
NYSE:DVN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.91
NYSE:DVN Share Price * NYSE (2019-06-17) in USD $26.4
United States of America Oil and Gas Industry PB Ratio Median Figure of 196 Publicly-Listed Oil and Gas Companies 0.97x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NYSE:DVN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DVN Share Price ÷ Book Value per Share (both in USD)

= 26.4 ÷ 18.91

1.4x

* Primary Listing of Devon Energy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Devon Energy is overvalued based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess Devon Energy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Devon Energy has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DVN Future Performance

 How is Devon Energy expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
20.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Devon Energy expected to grow at an attractive rate?
  • Devon Energy's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Devon Energy's earnings growth is expected to exceed the United States of America market average.
  • Devon Energy's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DVN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DVN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 20.7%
NYSE:DVN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -1.7%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DVN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DVN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 7,754 3,480 846 1
2022-12-31 7,670 3,206 784 1
2021-12-31 7,128 2,839 981 2
2020-12-31 7,219 2,724 1,308 5
2019-12-31 7,381 2,504 305 5
NYSE:DVN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 9,750 2,277 533
2018-12-31 10,456 2,704 595
2018-09-30 14,217 2,887 -305
2018-06-30 13,607 2,735 -403
2018-03-31 8,478 2,967 24
2017-12-31 8,684 2,909 570
2017-09-30 9,097 2,447 3,223
2017-06-30 9,974 2,473 4,032
2017-03-31 10,442 2,081 2,289
2016-12-31 6,604 1,500 -174
2016-09-30 10,187 2,308 -8,168
2016-06-30 10,562 3,134 -12,658

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Devon Energy's earnings are expected to grow significantly at over 20% yearly.
  • Devon Energy's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DVN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Devon Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DVN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.87 4.14 1.60 2.00
2022-12-31 2.52 3.56 1.48 2.00
2021-12-31 2.51 3.38 1.68 4.00
2020-12-31 3.15 7.30 1.84 8.00
2019-12-31 0.77 1.10 0.33 6.00
NYSE:DVN Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.13
2018-12-31 1.20
2018-09-30 -0.60
2018-06-30 -0.78
2018-03-31 0.05
2017-12-31 1.10
2017-09-30 6.21
2017-06-30 7.77
2017-03-31 4.42
2016-12-31 -0.34
2016-09-30 -17.03
2016-06-30 -28.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Devon Energy is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Devon Energy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Devon Energy has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DVN Past Performance

  How has Devon Energy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Devon Energy's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Devon Energy's year on year earnings growth rate has been positive over the past 5 years.
  • Devon Energy's 1-year earnings growth exceeds its 5-year average (2120.8% vs 18.1%)
  • Devon Energy's earnings growth has exceeded the US Oil and Gas industry average in the past year (2120.8% vs 29.5%).
Earnings and Revenue History
Devon Energy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Devon Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DVN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 9,750.00 533.00 667.00
2018-12-31 10,456.00 595.00 732.00
2018-09-30 14,217.00 -305.00 912.00
2018-06-30 13,607.00 -403.00 957.00
2018-03-31 8,478.00 24.00 881.00
2017-12-31 8,684.00 570.00 900.00
2017-09-30 9,097.00 3,223.00 1,201.00
2017-06-30 9,974.00 4,032.00 1,131.00
2017-03-31 10,442.00 2,289.00 1,060.00
2016-12-31 6,604.00 -174.00 871.00
2016-09-30 10,187.00 -8,168.00 676.00
2016-06-30 10,562.00 -12,658.00 733.00
2016-03-31 11,586.00 -13,915.00 798.00
2015-12-31 12,938.00 -12,901.00 1,384.00
2015-09-30 13,708.00 -10,330.00 913.00
2015-06-30 15,157.00 -5,816.00 910.00
2015-03-31 16,450.00 -2,332.00 887.00
2014-12-31 17,217.00 1,590.00 825.00
2014-09-30 16,262.00 2,202.00 730.00
2014-06-30 14,529.00 1,621.00 678.00
2014-03-31 12,342.00 1,635.00 656.00
2013-12-31 10,588.00 -22.00 617.00
2013-09-30 10,270.00 -587.00 658.00
2013-06-30 9,575.00 -1,732.00 665.00
2013-03-31 8,747.00 -1,933.00 674.00
2012-12-31 8,808.00 -188.00 692.00
2012-09-30 9,096.00 684.00 676.00
2012-06-30 9,700.00 2,434.00 664.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Devon Energy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Devon Energy used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • Devon Energy has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Devon Energy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Devon Energy has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DVN Health

 How is Devon Energy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Devon Energy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Devon Energy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Devon Energy's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Devon Energy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Devon Energy Company Filings, last reported 2 months ago.

NYSE:DVN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 7,857.00 6,151.00 1,327.00
2018-12-31 9,186.00 5,947.00 2,414.00
2018-09-30 8,898.00 6,049.00 3,102.00
2018-06-30 12,848.00 6,068.00 1,461.00
2018-03-31 13,725.00 10,004.00 1,425.00
2017-12-31 14,104.00 6,928.00 2,643.00
2017-09-30 11,934.00 10,465.00 2,782.00
2017-06-30 11,330.00 10,616.00 2,370.00
2017-03-31 10,922.00 10,422.00 2,120.00
2016-12-31 12,722.00 10,195.00 1,960.00
2016-09-30 10,061.00 11,539.00 2,386.00
2016-06-30 8,919.00 12,873.00 1,724.00
2016-03-31 10,508.00 12,640.00 1,636.00
2015-12-31 10,989.00 13,071.00 2,311.00
2015-09-30 15,922.00 11,931.00 1,788.00
2015-06-30 20,151.00 12,065.00 1,726.00
2015-03-31 23,019.00 11,769.00 1,860.00
2014-12-31 26,341.00 11,263.00 1,481.00
2014-09-30 26,768.00 12,082.00 3,409.00
2014-06-30 26,059.00 12,355.00 1,707.00
2014-03-31 25,046.00 15,513.00 2,028.00
2013-12-31 20,499.00 12,022.00 6,066.00
2013-09-30 20,612.00 10,068.00 4,320.00
2013-06-30 20,066.00 10,150.00 4,241.00
2013-03-31 19,708.00 12,152.00 6,515.00
2012-12-31 21,278.00 11,644.00 7,003.00
2012-09-30 21,781.00 11,235.00 7,530.00
2012-06-30 22,225.00 10,603.00 7,073.00
  • Devon Energy's level of debt (73.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.8% vs 73.6% today).
  • Debt is well covered by operating cash flow (39.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Devon Energy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Devon Energy has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DVN Dividends

 What is Devon Energy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.36%
Current annual income from Devon Energy dividends. Estimated to be 1.41% next year.
If you bought $2,000 of Devon Energy shares you are expected to receive $27 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Devon Energy's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Devon Energy's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase Devon Energy before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DVN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 67 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DVN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.36 1.00
2021-12-31 0.40 7.00
2020-12-31 0.38 10.00
2019-12-31 0.35 11.00
NYSE:DVN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-05 0.360 1.392
2019-02-19 0.360 1.191
2018-11-28 0.320 1.243
2018-06-06 0.320 0.828
2018-03-07 0.320 0.899
2017-11-29 0.240 0.630
2017-09-13 0.240 0.655
2017-06-07 0.240 0.759
2017-03-01 0.240 0.613
2016-11-30 0.240 0.520
2016-09-14 0.240 0.569
2016-06-08 0.240 0.612
2016-02-16 0.240 0.859
2015-12-02 0.960 3.445
2015-09-16 0.960 2.219
2015-06-03 0.960 1.929
2015-03-05 0.960 1.510
2014-12-03 0.960 1.583
2014-09-10 0.960 1.515
2014-06-04 0.960 1.264
2014-03-05 0.960 1.399
2013-12-04 0.880 1.442
2013-09-11 0.880 1.444
2013-06-05 0.880 1.572
2013-03-06 0.880 1.563
2012-11-28 0.800 1.465
2012-09-12 0.800 1.372
2012-06-06 0.800 1.381
2012-03-07 0.800 1.198
2011-11-30 0.800 1.211
2011-09-14 0.680 1.100
2011-06-08 0.680 0.931
2011-03-03 0.680 0.782
2010-12-01 0.640 0.787
2010-09-14 0.640 0.954
2010-06-09 0.640 1.007
2010-03-03 0.640 0.968
2009-12-02 0.640 0.916
2009-09-16 0.640 0.934
2009-09-01 0.640 0.996

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Devon Energy's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.7x coverage).
X
Income/ dividend checks
We assess Devon Energy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Devon Energy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Devon Energy has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DVN Management

 What is the CEO of Devon Energy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dave Hager
COMPENSATION $12,459,068
AGE 61
TENURE AS CEO 3.8 years
CEO Bio

Mr. David A. Hager, also known as Dave, has been the President and Chief Executive Officer of Devon Energy Corporation since August 2015. Mr. Hager served as a Director of EnLink Midstream Partners, LP since March 2014 until July 2018. Mr. Hager served as Chief Operating Officer of Devon since June 2013. He joined Devon in March 2009 as Executive Vice President of Exploration and Production. Prior to Devon, Mr. Hager held several positions within Kerr-McGee Corp, most recently as Chief Operating Officer in the period just before its merger with Anadarko Petroleum. He has been Director at Devon Energy Corporation since June 8, 2016. Mr. Hager has served as a Director for Pride International, Inc. He was Director of the EnLink Midstream Manager, LLC since March, 2014 until July 2018. He served as a Director at EnLink Midstream Partners GP, LLC since the completion of the business combination in March, 2014 until January 25, 2019. He holds a Bachelor of Science degree in Geophysics from Purdue University and a Master’s in Business Administration degree from Southern Methodist University.

CEO Compensation
  • Dave's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dave's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Devon Energy management team in years:

3.3
Average Tenure
47
Average Age
  • The tenure for the Devon Energy management team is about average.
Management Team

Dave Hager

TITLE
President
COMPENSATION
$12M
AGE
61
TENURE
3.8 yrs

Jeff Ritenour

TITLE
Executive VP & CFO
COMPENSATION
$4M
AGE
45
TENURE
2.2 yrs

Tony Vaughn

TITLE
Chief Operating Officer
COMPENSATION
$8M
AGE
60
TENURE
3.3 yrs

Lyndon Taylor

TITLE
Executive VP & General Counsel
COMPENSATION
$4M
AGE
59
TENURE
12.3 yrs

J. Nichols

TITLE
Co-Founder & Chairman Emeritus
COMPENSATION
$155K
AGE
76

Jeremy Humphers

TITLE
Senior VP & Chief Accounting Officer
AGE
44
TENURE
5.1 yrs

Alana Tetrick

TITLE
VP of Corporate Finance & Treasurer
AGE
36
TENURE
2.1 yrs

Scott Coody

TITLE
Vice President of Investor Relations
AGE
42
TENURE
2.7 yrs

Mike Dionisio

TITLE
Vice President of Supply Chain & Marketing
TENURE
2.1 yrs

Tana Cashion

TITLE
Senior Vice President of Human Resources
AGE
47
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Devon Energy board of directors in years:

5.4
Average Tenure
65.5
Average Age
  • The tenure for the Devon Energy board of directors is about average.
Board of Directors

Duane Radtke

TITLE
Chairman
COMPENSATION
$341K
AGE
69

Dave Hager

TITLE
President
COMPENSATION
$12M
AGE
61
TENURE
3 yrs

J. Nichols

TITLE
Co-Founder & Chairman Emeritus
COMPENSATION
$155K
AGE
76
TENURE
3 yrs

Michael Kanovsky

TITLE
Independent Director
COMPENSATION
$343K
AGE
70
TENURE
20.4 yrs

Rob Mosbacher

TITLE
Lead Director
COMPENSATION
$371K
AGE
66
TENURE
4 yrs

Mary Ricciardello

TITLE
Independent Director
COMPENSATION
$358K
AGE
63
TENURE
11.5 yrs

Robert Henry

TITLE
Independent Director
COMPENSATION
$333K
AGE
65
TENURE
8.8 yrs

Barbara Baumann

TITLE
Independent Director
COMPENSATION
$335K
AGE
63
TENURE
5.4 yrs

John Bethancourt

TITLE
Independent Director
COMPENSATION
$332K
AGE
67
TENURE
5.4 yrs

John Krenicki

TITLE
Director
COMPENSATION
$265K
AGE
56
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Devon Energy insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Jun 19 Sell Jeremy Humphers Individual 04. Jun 19 04. Jun 19 -4,000 $25.40 $-101,600
28. Feb 19 Buy Robert Henry Individual 27. Feb 19 27. Feb 19 11,651 $30.01 $349,647
22. Aug 18 Sell Robert Henry Individual 21. Aug 18 21. Aug 18 -5,600 $42.14 $-235,984
X
Management checks
We assess Devon Energy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Devon Energy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DVN News

Simply Wall St News

Is Devon Energy Corporation’s (NYSE:DVN) Return On Capital Employed Any Good?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Devon Energy: 0.062 = US$993m ÷ (US$18b - US$2.0b) (Based on the trailing twelve months to March 2019.) So, Devon Energy has an ROCE of 6.2%. … What Are Current Liabilities, And How Do They Affect Devon Energy's ROCE? … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

What Kind Of Investor Owns Most Of Devon Energy Corporation (NYSE:DVN)?

View our latest analysis for Devon Energy NYSE:DVN Ownership Summary, June 4th 2019 What Does The Institutional Ownership Tell Us About Devon Energy? … We can see that Devon Energy does have institutional investors; and they hold 87% of the stock. … Insider Ownership Of Devon Energy The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Did You Manage To Avoid Devon Energy's (NYSE:DVN) Painful 58% Share Price Drop?

To wit, the Devon Energy Corporation (NYSE:DVN) share price managed to fall 58% over five long years. … Check out our latest analysis for Devon Energy To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. … Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround.

Simply Wall St -

Should We Be Cautious About Devon Energy Corporation's (NYSE:DVN) ROE Of 8.4%?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Devon Energy: 8.4% = US$533m ÷ US$7.9b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Devon Energy Have A Good Return On Equity? … Combining Devon Energy's Debt And Its 8.4% Return On Equity Devon Energy has a debt to equity ratio of 0.78, which is far from excessive.

Simply Wall St -

Is Devon Energy Corporation (NYSE:DVN) An Attractive Dividend Stock?

Today we'll take a closer look at Devon Energy Corporation (NYSE:DVN) from a dividend investor's perspective. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … NYSE:DVN Historical Dividend Yield, April 26th 2019

Simply Wall St -

Is Devon Energy Corporation's (NYSE:DVN) 8.3% ROE Worse Than Average?

To keep the lesson grounded in practicality, we'll use ROE to better understand Devon Energy Corporation (NYSE:DVN). … Over the last twelve months Devon Energy has recorded a ROE of 8.3%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should We Worry About Devon Energy Corporation's (NYSE:DVN) P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Devon Energy Corporation's (NYSE:DVN) P/E ratio and reflect on what it tells us about the company's share price. … How Do I Calculate Devon Energy's Price To Earnings Ratio

Simply Wall St -

What Are Analysts Saying About The Future Of Devon Energy Corporation's (NYSE:DVN)?

The latest earnings release Devon Energy Corporation's (NYSE:DVN) announced in December 2018a

Simply Wall St -

Has Devon Energy Corporation (NYSE:DVN) Been Employing Capital Shrewdly?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Will Devon Energy Corporation's (NYSE:DVN) Earnings Grow Over The Next Year?

As Devon Energy Corporation (NYSE:DVN) announced its recent earnings release on 31 December 2018, … as a -0.3% fall in profits is expected in the upcoming year

Simply Wall St -

DVN Company Info

Description

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

Details
Name: Devon Energy Corporation
DVN
Exchange: NYSE
Founded: 1971
$10,962,688,096
415,253,337
Website: http://www.devonenergy.com
Address: Devon Energy Corporation
333 West Sheridan Avenue,
Oklahoma City,
Oklahoma, 73102,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DVN Common Stock New York Stock Exchange US USD 29. Sep 1988
DB DY6 Common Stock Deutsche Boerse AG DE EUR 29. Sep 1988
LSE 0I8W Common Stock London Stock Exchange GB USD 29. Sep 1988
BMV DVN * Common Stock Bolsa Mexicana de Valores MX MXN 29. Sep 1988
Number of employees
Current staff
Staff numbers
2,900
Devon Energy employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 23:36
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.