Reading the tape
NYSE: DVN
Devon Energy Corporation
Energy · Oil & Gas Exploration & Production
Market Cap
$31.69B
52w High
$52.71
52w Low
$29.70
P/E
11.99
Volume
13.21M
Outstanding Shares
621.44M
Price vs Fundamentals
Why The Stock Is Moving
Fundamentals are supporting the moveModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 66.53%Revenue (TTM): 6.7%FCF (TTM): 462.23%P/FCF: 22nd pct
What changed
The stock rose 66.53% over the last year. Revenue grew 6.7% over the trailing twelve months. Operating margin moved from 24.47% to 19.79%. Free cash flow grew 462.23% over the trailing twelve months.
What the market seems to be pricing
The stock move broadly lines up with stronger business momentum, and the shares are still only around the 22nd percentile of their historical P/FCF range.
What would invalidate this read
Operating margin is at 19.79%. Revenue grew 6.7% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.
Company profile
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.
CEOClay Gaspar
SectorEnergy
IndustryOil & Gas Exploration & Production
Employees2,300
IPO dateJul 22, 1985
Valuation
Forward P/E—
EV/EBITDA4.09
Enterprise value$30.35B
Stock splits
Nov 16, 2004↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth-6.33%
Gross margin22.7%▼9.93%vs FY2024
Operating margin19.79%▼8.98%vs FY2024
ROE17.01%▼14.69%vs FY2024
Analyst consensus
RatingBuy
Target price$55.60▲9.04%
45
Buy
19
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 5, 2026
Q2 FY26 · EPS est $1.06 · Revenue est $4.34B
View
Dividends
$0.96/shareQuarterlySafeDVN pays a dividend with a 1.88% dividend yield, growing at 7.14% annually, covered 5.0× by free cash flow.
Dividend Yield
1.88%
Annual Div / Share
$0.96
5yr CAGR
+7.14%
Doubles every ~10.1yr
Payout Ratio
23.43%
Safe
Dividend Growth Rate
3yr CAGR
-42.95%
5yr CAGR
+7.14%
10yr CAGR
+0%
Dividend Safety
10/10Safe
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$0.96-33.8%
2024$1.45-49.5%
2023$2.87-44.5%
2022$5.17+162.4%
2021$1.97+189.7%
2020$0.68+94.3%
2019$0.35+16.7%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$19/yr
$2/mo
In 5 yrs
$27/yr+41%
$2/mo
In 10 yrs
$38/yr+99%
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$19/yr $2/mo | $27/yr+41% $2/mo | $38/yr+99% $3/mo |
Yield-on-cost grows from 1.88% → 3.75% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 5.0× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 7.14% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.