Devon Energy
U.S. shale producer anchored in the Delaware Basin with a major Marcellus gas position.
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Profile
Produces and sells oil, natural gas and NGLs from major U.S. shale regions, with the Delaware Basin contributing more than half of production and cash flow. The Coterra merger added Marcellus gas production, broadening the commodity mix while retaining DVN as the surviving listing.
Explores, develops and produces oil, natural gas and natural gas liquids across five core U.S. operating areas: the Delaware Basin, Marcellus, Rockies, Anadarko and Eagle Ford. The Delaware position in southeast New Mexico and West Texas contributes more than half of production and cash flow, while the Marcellus adds gas-weighted production to a diversified shale portfolio.
Uses horizontal drilling, multi-well development and technology-enabled operating practices to improve drilling, completions and supply-chain efficiency. The recent Coterra merger broadened the commodity mix and left DVN as the surviving listing. Cash generation remains tied to oil, gas and NGL prices, transportation capacity, drilling results and access to permits, water and federal acreage under environmental and land-use rules.
Company facts
Key statistics
Year to date +25.0% · Average volume (30d) 9.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 17, 2026 | Barclays | Reiterate | Overweight | $62 | $58 |
| Aug 12, 2026 | Wells Fargo | Target | $66 | $65 | |
| Jul 21, 2026 | Susquehanna | Reiterate | Positive | $52 | $63 |
| Jul 16, 2026 | Raymond James | Reiterate | Strong Buy | $66 | $64 |
| Jul 15, 2026 | UBS | Reiterate | Buy | $58 | $54 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $1.40 | $1.57 | +12.1% | $6.01B | $7.42B | +23.4% | −4.45% |
| May 5, 2026Q1 FY26 | $1.06 | $1.04 | −1.9% | $4.34B | $3.81B | −12.2% | −8.61% |
| Feb 17, 2026Q4 FY25 | $0.81 | $0.82 | +1.6% | $4.00B | $4.12B | +2.9% | +0.91% |
| Nov 5, 2025Q3 FY25 | $0.93 | $1.04 | +11.8% | $4.14B | $4.25B | +2.8% | +0.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.45B | $4.28B | $4.33B | $4.12B | $3.81B | $7.42B | |
| Gross profit | $1.19B | $1.11B | $1.10B | $981.0M | $462.0M | $4.15B | |
| Operating income | $1.05B | $981.0M | $982.0M | $841.0M | $312.0M | $2.56B | |
| Net income | $494.0M | $899.0M | $687.0M | $562.0M | $120.0M | $1.91B | |
| Diluted EPS | $0.77 | $1.41 | $1.09 | $0.90 | $0.19 | $2.03 | |
| Gross margin | 26.8% | 26.0% | 25.5% | 23.8% | 12.1% | 56.0% | |
| Operating margin | 23.6% | 22.9% | 22.7% | 20.4% | 8.2% | 34.5% |
Fiscal years (4-quarter sums)FY21 $12.21B · FY22 $19.17B · FY23 $15.26B · FY24 $15.94B · FY25 $17.19B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.01B · Total debt $11.74B · Total assets $70.89B · Shareholders' equity $41.75B
Dividends
Last raised to $0.32 from $0.24 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.32 | raised from $0.24 |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.24 | |
| Dec 15, 2025 | Dec 15 | Dec 30 | $0.24 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.24 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.24 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.24 | raised from $0.22 |
| Dec 13, 2024 | Dec 13 | Dec 30 | $0.22 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $0.44 | special dividend |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.10B · Float 1.09B · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 95.38M | 8.67% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 75.35M | 6.85% | 13F | Aug 13, 2026 |
| State Street Corp | 73.18M | 6.65% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 57.26M | 5.21% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 51.52M | 4.68% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 10, 2026 | Andrea Alexander | officer: SVP & CHIEF ADMIN OFFICER | −18,000 | $46.74 |
| May 14, 2026 | Adam M. Vela | officer: SVP & GENERAL COUNSEL | −24,342 | $47.21 |
| May 11, 2026 | Jeffrey L. Ritenour | officer: EVP & CHIEF CORP DEV OFFICER | −70,029 | $46.66 |
Peers
- Diamondback Energy
Dominant Permian pure-play; largest independent Delaware Basin operator.
- ConocoPhillips
Largest US-listed E&P; Delaware, Eagle Ford, and Bakken overlap with DVN.
- EOG Resources
Multi-basin US independent with direct Delaware and Eagle Ford overlap with DVN.
- Chord Energy
Premier Williston Basin operator; largest Bakken acreage holder, DVN rival.
- Ovintiv
Multi-basin North American independent; Permian and Anadarko overlap with DVN.
- APA
Permian independent with Egypt/Suriname upside; Delaware Basin overlap with DVN.
- Permian Resources
Second-largest Permian pure-play; Delaware Basin directly overlaps with DVN.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Devon Energy | $47.48 | +0.26% | $52.09B | 11.2 | 9.5 | 2.6 | +83.2% |
| Diamondback Energy | $197.67 | −0.03% | $55.61B | 38.6 | 10.7 | 3.3 | +32.1% |
| ConocoPhillips | $129.95 | −0.32% | $158.80B | 17.3 | 13.4 | 2.5 | +39.7% |
| EOG Resources | $143.49 | +0.12% | $76.35B | 11.2 | 9.5 | 2.9 | +60.5% |
| Chord Energy | $144.05 | −1.33% | $8.22B | 9.8 | 9.9 | 1.3 | +84.0% |
| Ovintiv | $64.59 | −0.02% | $17.87B | 18.6 | 9.2 | 1.9 | +30.0% |
| APA | $42.61 | +0.18% | $15.04B | 9.0 | 9.5 | 1.7 | +10.2% |
| Permian Resources | $22.86 | +0.82% | $19.01B | 15.0 | 10.3 | 3.3 | +55.2% |
| Median | 15.0 | 9.9 | 2.5 | +39.7% |