$DVN

Sector Update: Energy Stocks Lower in Afternoon Trading

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was climbing 1.6%, and the Dow Jones US Utilities Index shed 0.5%.In sector news, US forces disabled two Iranian-flagged unladen oil tankers on Friday attempting to dock at an Iranian port on the Gulf of Oman in violation of the US blockade, US Central Command said on X.Front-month West Texas Intermediate crude oil was rising 0.8% to $95.58 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $101.12 a barrel. Henry Hub natural gas futures shed 0.5% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 3.4% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.9% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.320 per share, payable June 30 to shareholders of record as of June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Speaking during Shell's Q1 earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time. Shell shares were down 0.3%.

Sector Update: Energy Stocks Lean Lower Premarket Friday

Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.1%.The United States Oil Fund (USO) was down 1.2% and The United States Natural Gas Fund (UNG) was 1.8% higher.Front-month US West Texas Intermediate crude oil was 0.1% higher at $94.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.4% to $100.45 per barrel, and natural gas futures were up 1.1% at $2.80 per 1 million British Thermal Units.Enbridge (ENB) shares were up 0.4% after the company posted Q1 adjusted earnings and revenue that exceeded analysts' estimates.Devon Energy (DVN) stock was up more than 1% after the company launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.320 per share, payable June 30 to shareholders of record as of June 15.Plains GP (PAGP) shares were down more than 2% after the company reported a decline in Q1 net income.

Jefferies Upgrades Devon Energy to Buy From Hold, Adjusts Price Target to $62 From $53

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.67, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Devon Energy Approves $8 Billion Share Buyback; Boosts Quarterly Dividend

Devon Energy (DVN) approved a new share repurchase authorization of $8 billion, the company said Thursday.The authorization expires on June 30, the company said.The company also boosted its quarterly fixed dividend to $0.320 per share, up 33% over the previous quarter. The dividend is payable June 30 to shareholders of record as of June 15, it said.

Devon Energy Q1 Output Hits High End of Guidance; Firm Expands Gas Deals, Advances Merger Plans

Devon Energy (DVN) reported Q1 earnings Tuesday with oil production averaging 387,000 barrels of oil equivalent per day, accounting for 46% of total production and reaching the top end of guidance.Total production averaged 833,000 boe/d for the quarter ended March 31, in line with guidance.The upstream energy firm brought 110 operated wells online during the quarter, driven by a concentrated development program in the Delaware Basin.The company expects Q2 oil production between 389,000 barrels per day and 395,000 b/d, while total production is projected between 851,000 boe/d and 868,000 boe/d.Devon targets total capital spending of $875 million to $925 million in Q2.The company is advancing its business optimization plan, targeting $1 billion in pre-tax cash flow improvements, driven by higher production and lower costs, Devon added.Devon said it is expanding commercial opportunities with two long-term natural gas marketing agreements, including a 10-year deal to supply 50 million cubic feet per day to LNG export markets starting in 2028.The firm also signed a separate seven-year agreement to deliver 65 MMcf/d for in-basin power generation starting the same year.Devon is progressing its merger with Coterra Energy (CTRA), which is expected to create a combined company with over 1.6 million boe/d of production.

Research Alert: Dvn: A Q1 Miss, But Coterra Merger Looms

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DVN posted Q1 adjusted EPS of $1.04 vs $1.21 prior year, missing consensus by $0.05. Production of 833k boe/d grew from 815k in Q1 2025 but came in 3k below expectations. Capex of $848M was 6% below the guidance midpoint, driving robust FCF of $816M, up 16% sequentially. The pending Coterra merger, approved by shareholders on May 4 and closing May 7, represents a significant catalyst with management targeting $1B in annual pretax synergies by year-end 2027. DVN's business optimization plan is accelerating, with the full $1B annual pretax improvement target expected well ahead of schedule. The Delaware Basin anchored results with 501k boe/d (60% of total production), while DVN maintained a balanced 46% liquids/54% gas mix, positioning it well for merger integration. Post-merger, we expect enhanced shareholder returns through a planned $5B+ share repurchase authorization and quarterly dividend increase to $0.315/share, supported by a strong balance sheet with $1.8B in cash and a 0.9x net debt-to-EBITDAX.

Devon Energy Q1 Net Earnings, Revenue Fall

Devon Energy (DVN) reported Q1 net earnings late Tuesday of $0.19 per diluted share, down from $0.77 a year earlier.Analysts polled by FactSet expected $1.07.Revenue for the quarter ended March 31 was $3.81 billion, down from $4.45 billion a year earlier.Analysts surveyed by expected $4.34 billion.

Earnings Flash (DVN) Devon Energy Posts Q1 EPS $0.19, vs. FactSet Est of $1.07

Earnings Flash (DVN) Devon Energy Posts Q1 Revenue $3.81B, vs. FactSet Est of $4.34B

Raymond James Adjusts PT on Devon Energy to $72 From $62, Maintains Strong Buy Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.76, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Veeva Systems to Join S&P 500

Veeva Systems (VEEV) is set to join the S&P 500 on May 7, to replace Coterra Energy (CTRA), S&P Dow Jones Indices said Thursday.Devon Energy (DVN) is acquiring Coterra Energy in a transaction that is expected to close "soon," S&P Dow Jones Indices added.Shares of Veeva Systems were up more than 10% premarket Friday.Price: $172.77, Change: $+16.80, Percent Change: +10.77%

Roth Capital Partners Adjusts Price Target on Devon Energy to $57 From $50, Maintains Buy Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.36, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $50.15, Change: $+0.67, Percent Change: +1.34%

Morgan Stanley Adjusts Devon Energy Price Target to $59 From $46, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.20, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $49.16, Change: $+0.96, Percent Change: +1.99%

Scotiabank Raises Price Target on Devon Energy to $46 From $41, Maintains Sector Perform Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $46.59, Change: $+0.99, Percent Change: +2.18%

Susquehanna Adjusts Price Target on Devon Energy to $57 From $52, Maintains Positive Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $58.84, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Monday afternoon with the NYSE Energy Sector Index rising 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.1%.The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index fell 0.6%.West Texas Intermediate crude oil jumped 5.9% to $88.79 a barrel, and global benchmark Brent rose 5.3% to $95.19 a barrel. Henry Hub natural gas futures increased 0.3% to $2.68 per 1 million BTU.In corporate news, Devon Energy (DVN) shares rose 1.3% after Tudor Pickering Holt upgraded the stock to buy from hold with a $63 price target.USA Rare Earth (USAR) agreed to acquire Brazilian rare earths miner Serra Verde in a cash-and-stock deal with an equity value of about $2.8 billion. USA Rare Earth shares jumped 13%.Eni (E) and Repsol reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported. Separately, Eni made a gas discovery in the Kutei Basin off the coast of Indonesia. Eni shares rose 0.4%.Sable Offshore (SOC) shares climbed 3.4% after it said capital expenditures across its assets are expected to be around $180 million from April through December.

Sector Update: Energy

Energy stocks were mixed late Monday afternoon, with the NYSE Energy Sector Index rising 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.1%.The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil jumped 5.9% to $88.79 a barrel, and the global benchmark Brent crude contract popped 5.3% to $95.19 a barrel. Henry Hub natural gas futures increased 0.3% to $2.68 per 1 million BTU.In corporate news, Devon Energy (DVN) shares rose 1.2% after Tudor Pickering Holt upgraded the stock to buy from hold with a $63 price target.

Devon Energy Shares Rise After Tudor Pickering Holt Upgrade

Devon Energy (DVN) shares rose 1.9% in Monday trading after Tudor Pickering Holt upgraded the stock to buy from hold with a $63 price target.Intraday trading topped 5.66 million shares versus the daily average of 14.4 million.Price: $45.07, Change: $+0.84, Percent Change: +1.90%

Tudor Pickering Holt Upgrades Devon Energy to Buy From Hold, Price Target at $63

Devon Energy (DVN) has an average rating of overweight and mean price target of $59.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Wells Fargo Adjusts Price Target on Devon Energy to $66 From $51, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $58.77, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)