Devon Energy

Wells Fargo analyst Roger Read maintains Devon Energy (NYSE:DVN) with a Equal-Weight and lowers the price target from $51 to $50.

Mizuho analyst Nitin Kumar maintains Devon Energy (NYSE:DVN) with a Buy and lowers the price target from $62 to $58.

Devon Energy (NYSE:DVN) reported quarterly earnings of $1.18 per share, which beat the analyst consensus estimate of $1.17, a 54.44% decrease over earnings of $2.59 per share from last year. Devon also reported that oil production reached an all-time high of 323,000 barrels per day in the second quarter. The company expects to sustain production in the range of 643,000 to 663,000 Boe per day for the full-year 2023. Furthermore, operating cash flow totaled $1.4 billion in the second quarter, which funded all the company’s capital requirements. The result was $326 million of free cash flow for the quarter.

Devon Energy (NYSE:DVN) reported Q2 diluted earnings late Tuesday of $1.07, down from $2.93 a year earlier. Analysts surveyed by Capital IQ expected $1.20. Revenue for the quarter ended June 30 was $3.45 billion, down from $5.63 billion a year earlier. Analysts polled by Capital IQ expected $3.54 billion.