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Devon Energy (DVN)

Market Price (5/9/2026): $45.69 | Market Cap: $28.1 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Devon Energy (DVN)

Market Price (5/9/2026): $45.69
Market Cap: $28.1 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 8.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 6.4 Bil, FCF LTM is 2.4 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.6 Bil

Low stock price volatility
Vol 12M is 33%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and Unconventional Resource Development.

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -77%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -14%

Key risks
DVN key risks include [1] challenges in executing its business optimization and cost control plans, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 8.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 6.4 Bil, FCF LTM is 2.4 Bil
2 Stock buyback support
Stock Buyback 3Y Total is 2.6 Bil
3 Low stock price volatility
Vol 12M is 33%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and Unconventional Resource Development.
5 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -77%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -14%
7 Key risks
DVN key risks include [1] challenges in executing its business optimization and cost control plans, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Devon Energy (DVN) stock has gained about 15% since 1/31/2026 because of the following key factors:

1. Strategic Merger with Coterra Energy Approved.

Devon Energy announced an all-stock merger with Coterra Energy on February 1, 2026, aiming to create one of the largest shale operators globally. This strategic move is expected to generate $1.0 billion in sustainable annual pre-tax synergies by year-end 2027. Shareholders from both companies approved the transaction on May 4, 2026, with the merger anticipated to close around May 7, 2026. Devon shareholders are projected to own approximately 54% of the combined entity. Furthermore, the post-merger quarterly dividend is expected to increase by 31% to $0.315 per share, and a new share repurchase authorization exceeding $5 billion is anticipated.

2. Strong Q4 2025 Earnings Exceeded Expectations.

Devon Energy reported robust financial results for the fourth quarter of 2025, beating analyst estimates. The company announced an earnings per share (EPS) of $0.82, slightly surpassing the consensus estimate of $0.81. Revenues for the quarter reached $4.12 billion, outperforming analyst expectations of $3.67 billion. This performance highlighted the company's operational efficiency, with production costs in Q4 2025 coming in at $8.60 per barrel of oil equivalent (Boe), which was 3% below guidance.

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Stock Movement Drivers

Fundamental Drivers

The 14.0% change in DVN stock from 1/31/2026 to 5/8/2026 was primarily driven by a 34.1% change in the company's P/E Multiple.
(LTM values as of)13120265082026Change
Stock Price ($)40.0045.6114.0%
Change Contribution By: 
Total Revenues ($ Mil)17,47016,543-5.3%
Net Income Margin (%)15.6%13.7%-11.9%
P/E Multiple9.212.434.1%
Shares Outstanding (Mil)6286161.9%
Cumulative Contribution14.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/8/2026
ReturnCorrelation
DVN14.0% 
Market (SPY)3.6%-35.1%
Sector (XLE)9.8%87.8%

Fundamental Drivers

The 42.0% change in DVN stock from 10/31/2025 to 5/8/2026 was primarily driven by a 72.8% change in the company's P/E Multiple.
(LTM values as of)103120255082026Change
Stock Price ($)32.1145.6142.0%
Change Contribution By: 
Total Revenues ($ Mil)17,16316,543-3.6%
Net Income Margin (%)16.6%13.7%-17.3%
P/E Multiple7.212.472.8%
Shares Outstanding (Mil)6356163.1%
Cumulative Contribution42.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/8/2026
ReturnCorrelation
DVN42.0% 
Market (SPY)5.5%-18.7%
Sector (XLE)28.3%80.8%

Fundamental Drivers

The 53.9% change in DVN stock from 4/30/2025 to 5/8/2026 was primarily driven by a 85.9% change in the company's P/E Multiple.
(LTM values as of)43020255082026Change
Stock Price ($)29.6445.6153.9%
Change Contribution By: 
Total Revenues ($ Mil)15,94016,5433.8%
Net Income Margin (%)18.1%13.7%-24.4%
P/E Multiple6.712.485.9%
Shares Outstanding (Mil)6506165.5%
Cumulative Contribution53.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/8/2026
ReturnCorrelation
DVN53.9% 
Market (SPY)30.4%1.9%
Sector (XLE)42.8%83.2%

Fundamental Drivers

The -4.8% change in DVN stock from 4/30/2023 to 5/8/2026 was primarily driven by a -56.3% change in the company's Net Income Margin (%).
(LTM values as of)43020235082026Change
Stock Price ($)47.9345.61-4.8%
Change Contribution By: 
Total Revenues ($ Mil)19,16916,543-13.7%
Net Income Margin (%)31.4%13.7%-56.3%
P/E Multiple5.212.4139.9%
Shares Outstanding (Mil)6486165.2%
Cumulative Contribution-4.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/8/2026
ReturnCorrelation
DVN-4.8% 
Market (SPY)78.7%39.8%
Sector (XLE)44.3%86.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DVN Return196%51%-22%-25%15%24%273%
Peers Return69%53%-7%5%-10%27%191%
S&P 500 Return27%-19%24%23%16%7%95%

Monthly Win Rates [3]
DVN Win Rate92%58%42%25%58%80% 
Peers Win Rate70%67%46%50%42%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
DVN Max Drawdown0%0%-27%-30%-18%-6% 
Peers Max Drawdown-6%-2%-23%-17%-22%-4% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EOG, OKE, APA, EPM, FTW. See DVN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)

How Low Can It Go

EventDVNS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.2%23.1%
  Time to Breakeven171 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.0%-9.5%
  % Gain to Breakeven23.4%10.5%
  Time to Breakeven180 days24 days
2020 COVID-19 Crash
  % Loss-75.9%-33.7%
  % Gain to Breakeven315.5%50.9%
  Time to Breakeven336 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-48.2%-19.2%
  % Gain to Breakeven93.2%23.7%
  Time to Breakeven1012 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-27.5%-3.7%
  % Gain to Breakeven37.9%3.9%
  Time to Breakeven183 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-59.3%-12.2%
  % Gain to Breakeven145.7%13.9%
  Time to Breakeven202 days62 days

Compare to EOG, OKE, APA, EPM, FTW

In The Past

Devon Energy's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDVNS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.2%23.1%
  Time to Breakeven171 days79 days
2020 COVID-19 Crash
  % Loss-75.9%-33.7%
  % Gain to Breakeven315.5%50.9%
  Time to Breakeven336 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-48.2%-19.2%
  % Gain to Breakeven93.2%23.7%
  Time to Breakeven1012 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-27.5%-3.7%
  % Gain to Breakeven37.9%3.9%
  Time to Breakeven183 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-59.3%-12.2%
  % Gain to Breakeven145.7%13.9%
  Time to Breakeven202 days62 days
2014-2016 Oil Price Collapse
  % Loss-71.0%-6.8%
  % Gain to Breakeven245.0%7.3%
  Time to Breakeven2230 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-36.6%-17.9%
  % Gain to Breakeven57.7%21.8%
  Time to Breakeven3866 days123 days
2008-2009 Global Financial Crisis
  % Loss-56.9%-53.4%
  % Gain to Breakeven132.2%114.4%
  Time to Breakeven693 days1085 days

Compare to EOG, OKE, APA, EPM, FTW

In The Past

Devon Energy's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Devon Energy (DVN)

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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

AI Analysis | Feedback

  • Like a mining company, but they extract oil and natural gas instead of metals.
  • Imagine the oil and gas drilling division of a major company like ExxonMobil or Chevron, but as its own independent business.

AI Analysis | Feedback

  • Oil: Crude oil extracted and sold.
  • Natural Gas: Gaseous hydrocarbons extracted and sold.
  • Natural Gas Liquids (NGLs): A group of hydrocarbons, such as ethane, propane, and butane, separated from natural gas and sold.

AI Analysis | Feedback

Devon Energy (DVN) primarily sells its products to other companies, not individuals.

According to its public filings, Devon Energy sells its crude oil, natural gas, and natural gas liquids to a diverse range of purchasers. The company explicitly states that no single customer accounts for a material portion of its revenues. Therefore, no specific "major customers" that represent a significant concentration of revenue are individually disclosed.

However, its products are typically sold to the following types of companies within the energy value chain:

  • Pipeline companies
  • Natural gas processors
  • Power plants
  • Refineries
  • Marketing companies
  • Other industrial users

AI Analysis | Feedback

  • Schlumberger (SLB)
  • Halliburton (HAL)
  • Baker Hughes (BKR)

AI Analysis | Feedback

Clay Gaspar - President and Chief Executive Officer
Clay Gaspar was appointed President and Chief Executive Officer of Devon Energy in March 2025. He previously served as Executive Vice President and Chief Operating Officer of Devon Energy since January 2021, a role he assumed following Devon's merger with WPX Energy. While at WPX Energy, he held the positions of President and Chief Operating Officer and was a member of their board of directors. His earlier career includes technical and leadership positions with Newfield Exploration, Anadarko Petroleum, and Mewbourne Oil.

Jeff Ritenour - Executive Vice President and Chief Financial Officer
Jeff Ritenour was appointed Executive Vice President and Chief Financial Officer of Devon Energy in April 2017. He joined Devon in 2001 and has held various leadership roles, including senior vice president of corporate finance, investor relations, treasury, and vice president of acquisitions and divestitures. Before joining Devon, Ritenour was a Senior Auditor with Ernst & Young in Dallas. He is a Certified Public Accountant. Ritenour also serves on the board of directors for WaterBridge Infrastructure LLC.

Dennis Cameron - Executive Vice President and General Counsel
Dennis Cameron serves as Devon Energy's Executive Vice President and General Counsel.

Tana K. Cashion - Executive Vice President, Human Resources and Administration
Tana K. Cashion is the Executive Vice President of Human Resources and Administration at Devon Energy. She was promoted to senior vice president of Human Resources in 2016.

Tom Hellman - Senior Vice President, E&P Operations
Tom Hellman joined Devon Energy in January 2025 as Senior Vice President, E&P Operations. He previously spent seven years at Marathon Oil Corporation, holding various leadership roles, including Vice President, Operations for Marathon's Permian and Oklahoma assets. His prior experience also includes leadership positions at WPX Energy, APA Corporation, and BP plc.

AI Analysis | Feedback

Here are the key risks to Devon Energy's business:
  1. Commodity Price Volatility: As an independent energy company, Devon Energy's financial performance, including profitability and cash flow, is highly sensitive to the volatile prices of oil, natural gas, and natural gas liquids (NGLs). These prices are influenced by global supply and demand dynamics, geopolitical events, and broader economic conditions, making the company susceptible to market fluctuations.
  2. Regulatory and Environmental Challenges: Devon Energy operates within a dynamic regulatory landscape, particularly concerning environmental laws and climate-related policies. Changes in regulations, including those aimed at reducing greenhouse gas emissions, could lead to increased operational costs, restrictions on activities, and potential financial liabilities. The company also faces heightened scrutiny and reputational risks related to its sustainability initiatives.
  3. Operational Risks and High Capital Intensity: The exploration, development, and production of oil and natural gas are capital-intensive endeavors fraught with operational uncertainties. These risks include the challenges of discovering commercially viable reservoirs, the substantial costs associated with drilling and development, and the continuous need for new efforts due to the decline rates of unconventional assets. Additionally, environmental events can lead to operational disruptions and financial liabilities.

AI Analysis | Feedback

The accelerating global transition to renewable energy sources and electric vehicles poses a clear emerging threat to fossil fuel demand, potentially diminishing the long-term value and market for Devon Energy's core oil, natural gas, and natural gas liquid products.

AI Analysis | Feedback

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. The addressable markets for these main products in the U.S. are as follows:

Oil

  • The U.S. crude oil production, including condensate, averaged 12.9 million barrels per day (b/d) in 2023. Monthly U.S. crude oil production reached a record high of over 13.3 million b/d in December 2023. As of March 2026, U.S. Crude Oil Field Production is approximately 13.68 million barrels per day.

Natural Gas

  • U.S. marketed natural gas production reached a record average of 118.5 billion cubic feet per day (Bcf/d) in 2025. More recently, U.S. marketed natural gas production reached 122.54 billion cubic feet per day in December 2025.
  • The U.S. natural gas market size is estimated at approximately $473.4 billion in 2025 and is projected to reach $601.8 billion by 2032.

Natural Gas Liquids (NGLs)

  • U.S. production of natural gas liquids (NGLs) reached 7.32 million barrels per day (b/d) in March 2025.
  • The U.S. natural gas-liquid market size was estimated at $5.9 billion in 2024 and is projected to grow from $6.22 billion in 2025 to $10.6 billion by 2035. Other estimates indicate the Natural Gas Liquids Market size in 2025 was $16.3 billion, with a projection to reach $29.4 billion by the end of 2035.

AI Analysis | Feedback

Devon Energy (DVN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Increased Production from Core Assets: Devon Energy plans to grow its revenue by enhancing oil, natural gas, and natural gas liquids production from its high-quality asset portfolio. The company has a multi-decade growth opportunity in its core areas, particularly the Delaware Basin, STACK, and Williston Basin, with a focus on advancing development and multi-zone drilling to maximize resource recovery.
  2. Strategic Acquisitions and Portfolio Optimization: Strategic moves like the acquisition of Grayson Mill Energy's Williston Basin business in September 2024, which added significant net acres and drilling locations, are expected to bolster production capabilities. Additionally, the merger with Coterra Energy is anticipated to create synergies and enhance the company's overall asset base, potentially diversifying revenue streams and increasing scale.
  3. Capital Efficiency and Production Optimization: Devon Energy's multi-year Business Optimization Plan aims to achieve substantial annual pre-tax free cash flow improvements by year-end 2026. This plan focuses on capital efficiency, optimizing production, and pursuing commercial opportunities, which in turn enables more efficient resource development and contributes to higher production volumes and revenue.
  4. Technological Advancements for Operational Efficiency: The company is investing in and leveraging advanced technologies, such as AI-driven drilling optimization. These innovations are designed to improve operational efficiency, reduce drilling times, and enhance well productivity, directly supporting increased output and revenue generation.

AI Analysis | Feedback

Share Repurchases

  • Since the program's inception in late 2021, Devon Energy repurchased 38.5 million shares for a total cost of $2.0 billion as of May 8, 2023.
  • The company's share-repurchase authorization was increased by 50 percent to $3.0 billion, extending through the end of 2024.
  • Annual share buybacks were $1.057 billion in 2024 and $1.05 billion in 2025.

Share Issuance

  • As part of the acquisition of Grayson Mill Energy in October 2024, Devon Energy issued $1.75 billion in stock.
  • Devon Energy's shares outstanding saw a decline of 1.68% in 2023 from 2022, 1.25% in 2024 from 2023, and 0.16% in 2025 from 2024, indicating net repurchases rather than issuances in these periods, apart from specific acquisition-related issuances.

Outbound Investments

  • In 2021, Devon Energy completed an $8.5 billion merger with WPX Energy.
  • The company acquired Validus Energy for approximately $1.8 billion in cash in 2021 to expand its presence in the Eagle Ford shale area.
  • In October 2024, Devon completed the acquisition of Grayson Mill Energy for $5 billion, consisting of $3.25 billion in cash and $1.75 billion in stock.

Capital Expenditures

  • Devon Energy's capital expenditures for fiscal years ending December 2021 to 2025 averaged $4.489 billion.
  • Capital expenditures peaked at $7.453 billion in 2024 and were $3.947 billion in 2023 and $3.914 billion in 2025.
  • The company projects capital expenditures of $3.5 billion to $3.7 billion for 2026, which includes spending for production growth.

Better Bets vs. Devon Energy (DVN)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Devon Energy Stock On Fire: Up 12% With 7-Day Winning Streak03/20/2026
2Devon Energy Stock Surges 10%, With A 6-Day Winning Spree03/19/2026
3Devon Energy Stock Rockets 8.5% With 5-Day Winning Streak03/18/2026
4How Does Devon Energy Stock Stack Up Against Its Peers?01/16/2026
5Devon Energy Earnings Notes12/29/2026
6Devon Energy Stock (+5.3%): Analyst Upgrades Fuel Institutional Bid12/18/2025
7Devon Energy vs Permian Resources: Which Stock Could Rally?12/05/2025
8How Low Can Devon Energy Stock Really Go?10/17/2025
9ARTICLES 
10S&P 500 Stocks Trading At 52-Week High03/27/2026
11Mid Cap Stocks Trading At 52-Week High03/26/2026
127-Day Rally Sends Devon Energy Stock Up 12%03/20/2026
13Devon Energy Stock Rockets 10% With 6-Day Winning Streak03/19/2026
14Devon Energy Stock Surges 8.5%, With A 5-Day Winning Spree03/18/2026

Trade Ideas

Select ideas related to DVN.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
VAL_4172026_Quality_Momentum_RoomToRun_10%04172026VALValarisQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.2%15.2%-0.9%
KGS_3312026_Insider_Buying_45D_2Buy_200K03312026KGSKodiak Gas ServicesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		16.3%16.3%-0.7%
KOS_3312026_Insider_Buying_45D_2Buy_200K03312026KOSKosmos EnergyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		10.8%10.8%-10.8%
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		54.5%54.5%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		25.4%25.4%-6.5%
DVN_3312023_Insider_Buying_GTE_1Mil_EBITp+DE_V203312023DVNDevon EnergyInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-3.5%4.3%-16.2%

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Peer Comparisons

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Financials

DVNEOGOKEAPAEPMFTWMedian
NameDevon En.EOG Reso.ONEOK APA Evolutio.Presidio. 
Mkt Price45.61130.0385.1635.564.6511.0040.59
Mkt Cap28.169.253.712.60.2-28.1
Rev LTM16,54323,49835,2048,61186012,577
Op Inc LTM3,1167,6485,9952,9903-93,053
FCF LTM2,4233,9662,2421,481-8-21,862
FCF 3Y Avg1,5054,6892,4261,161-2-1,505
CFO LTM6,42410,7215,6294,00331-24,816
CFO 3Y Avg6,61111,0794,8743,83831-4,874

Growth & Margins

DVNEOGOKEAPAEPMFTWMedian
NameDevon En.EOG Reso.ONEOK APA Evolutio.Presidio. 
Rev Chg LTM-1.5%0.5%41.0%-17.4%-0.9%--0.9%
Rev Chg 3Y Avg-3.8%-5.7%21.3%-3.9%-14.3%--3.9%
Rev Chg Q-14.5%15.7%19.6%-11.7%2.0%-2.0%
QoQ Delta Rev Chg LTM-3.8%4.1%4.7%-3.5%0.5%-0.5%
Op Inc Chg LTM-28.7%-8.1%14.0%-11.4%-39.0%--11.4%
Op Inc Chg 3Y Avg-25.0%-15.3%18.9%-11.8%-58.3%--15.3%
Op Mgn LTM18.8%32.5%17.0%34.7%4.1%-18.8%
Op Mgn 3Y Avg24.9%35.2%19.7%35.0%10.9%-24.9%
QoQ Delta Op Mgn LTM-3.6%0.4%-0.3%3.8%1.5%-0.4%
CFO/Rev LTM38.8%45.6%16.0%46.5%36.1%-38.8%
CFO/Rev 3Y Avg41.1%47.3%19.3%42.2%34.4%-41.1%
FCF/Rev LTM14.6%16.9%6.4%17.2%-9.5%-14.6%
FCF/Rev 3Y Avg9.7%20.0%9.9%12.8%-3.6%-9.9%

Valuation

DVNEOGOKEAPAEPMFTWMedian
NameDevon En.EOG Reso.ONEOK APA Evolutio.Presidio. 
Mkt Cap28.169.253.712.60.2-28.1
P/S1.72.91.51.51.8-1.7
P/Op Inc9.09.09.04.245.1-9.0
P/EBIT8.19.58.44.119.9-8.4
P/E12.412.615.28.250.5-12.6
P/CFO4.46.59.53.15.1-5.1
Total Yield10.2%11.1%11.4%15.0%12.5%-11.4%
Dividend Yield2.2%3.1%4.9%2.8%10.5%-3.1%
FCF Yield 3Y Avg4.6%6.4%4.4%11.1%-2.4%-4.6%
D/E0.30.10.60.40.3-0.3
Net D/E0.20.10.60.30.3-0.3

Returns

DVNEOGOKEAPAEPMFTWMedian
NameDevon En.EOG Reso.ONEOK APA Evolutio.Presidio. 
1M Rtn-4.8%-5.8%-0.7%-7.6%4.7%7.9%-2.7%
3M Rtn4.7%15.3%5.3%30.4%16.4%6.3%10.8%
6M Rtn36.9%25.5%28.2%51.7%10.5%6.3%26.9%
12M Rtn46.5%22.7%9.2%128.9%24.4%6.3%23.6%
3Y Rtn3.4%27.0%55.6%20.2%-7.0%6.3%13.2%
1M Excs Rtn-13.2%-12.5%-8.4%-16.6%-3.7%1.0%-10.4%
3M Excs Rtn-2.1%8.5%-1.4%23.6%9.7%-0.4%4.0%
6M Excs Rtn33.8%16.9%23.0%58.0%3.4%-2.6%19.9%
12M Excs Rtn23.1%-6.7%-19.4%107.9%-4.9%-25.1%-5.8%
3Y Excs Rtn-77.1%-50.7%-22.7%-64.3%-84.9%-74.6%-69.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Oil12,77311,89713,5869,4472,970
Natural gas liquids (NGL)2,2311,9683,1302,481889
Gas9151,2753,1111,822814
Oil, gas and natural gas liquids (NGL) derivatives21118-658-1,544155
Total15,94015,25819,16912,2064,828


Price Behavior

Price Behavior
Market Price$45.61 
Market Cap ($ Bil)28.3 
First Trading Date03/17/1992 
Distance from 52W High-12.4% 
   50 Days200 Days
DMA Price$47.54$38.66
DMA Trendupup
Distance from DMA-4.1%18.0%
 3M1YR
Volatility35.0%33.1%
Downside Capture-0.40-0.29
Upside Capture-42.036.04
Correlation (SPY)-27.5%1.4%
DVN Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta-1.81-0.96-0.72-0.430.050.88
Up Beta-1.67-1.87-1.44-1.070.081.02
Down Beta-2.350.020.680.420.781.47
Up Capture-75%-31%-28%8%7%15%
Bmk +ve Days15223166141428
Stock +ve Days12263770133384
Down Capture-395%-146%-167%-148%-96%78%
Bmk -ve Days4183056108321
Stock -ve Days10172654118367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DVN
DVN54.7%33.4%1.34-
Sector ETF (XLE)42.9%20.1%1.6783.2%
Equity (SPY)29.0%12.5%1.830.8%
Gold (GLD)39.8%27.0%1.22-5.9%
Commodities (DBC)50.6%18.0%2.2150.9%
Real Estate (VNQ)13.0%13.5%0.663.0%
Bitcoin (BTCUSD)-17.9%42.1%-0.356.8%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DVN
DVN20.0%41.6%0.56-
Sector ETF (XLE)21.5%26.1%0.7487.7%
Equity (SPY)12.8%17.1%0.5940.6%
Gold (GLD)20.9%17.9%0.9510.4%
Commodities (DBC)13.8%19.1%0.5959.9%
Real Estate (VNQ)3.4%18.8%0.0829.4%
Bitcoin (BTCUSD)6.9%56.0%0.3415.6%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DVN
DVN6.5%49.7%0.32-
Sector ETF (XLE)9.5%29.5%0.3686.1%
Equity (SPY)15.1%17.9%0.7248.8%
Gold (GLD)13.4%15.9%0.693.4%
Commodities (DBC)9.3%17.8%0.4459.0%
Real Estate (VNQ)5.8%20.7%0.2435.9%
Bitcoin (BTCUSD)67.7%66.9%1.0713.3%

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Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity30.4 Mil
Short Interest: % Change Since 3312026-8.3%
Average Daily Volume12.7 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity616.0 Mil
Short % of Basic Shares4.9%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-8.6%  
2/17/20260.9%-1.7%9.9%
11/5/20250.3%8.9%16.2%
8/5/20250.4%3.1%10.1%
5/6/2025-1.0%12.1%2.7%
2/18/20257.7%2.9%4.1%
11/5/20241.7%-2.5%-8.6%
8/6/20242.8%6.3%0.2%
...
SUMMARY STATS   
# Positive121615
# Negative1278
Median Positive3.8%5.9%12.6%
Median Negative-3.5%-6.5%-4.8%
Max Positive10.2%18.9%65.6%
Max Negative-12.8%-16.2%-26.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/19/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/02/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/02/202310-Q
03/31/202305/09/202310-Q
12/31/202202/15/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Production0.85 Mil0.86 Mil0.87 Mil3.2% RaisedGuidance: 0.83 Mil for Q1 2026
Q2 2026 Capital Spending 900.00 Mil 0 AffirmedGuidance: 900.00 Mil for Q1 2026
Q2 2026 Dividends 0.32 0 AffirmedGuidance: 0.32 for 2026
2026 Share Repurchases 5.00 Bil 0 AffirmedGuidance: 5.00 Bil for 2026

Prior: Q4 2025 Earnings Reported 2/17/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Production0.82 Mil0.83 Mil0.84 Mil-0.4% LoweredGuidance: 0.84 Mil for Q4 2025
Q1 2026 Capital Expenditures 900.00 Mil -2.2% LoweredGuidance: 920.00 Mil for Q4 2025
2026 Dividends 0.32    
2026 Share Repurchases 5.00 Bil    

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Kindick, Kelt DirectSell811202533.467,685257,1401,064,061Form

Industry Resources

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