DVN
DEVON ENERGY CORP/DEEvidence as of 2026-09-26The desk's Snapshot
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Overview · DEVON ENERGY CORP/DE
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
Management team
- Heath Satterfield · VP & Chief Information OfficerFind on LinkedIn
- Greg Horne · Vice President of Marketing & MidstreamFind on LinkedIn
- Ms. Rosy Zuklic · Vice President of Investor RelationsFind on LinkedIn
- Mr. Clay M. Gaspar · President, CEO & DirectorFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
+0.4 on a −2 to +2 scale (was +0.3 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Mixed (+0.4 of a possible +2; was +0.3 before debate). Reported revenues were $ 3,807,000,000 for fiscal Q1 2026 (fiscal quarter ended 2026-04-22) and $ 7,417,000,000 for fiscal Q2 2026 (fiscal quarter ended 2026-07-22). Net income was $ 120,000,000 in fiscal Q1 2026 and $ 1,911,000,000 in fiscal Q2 2026, with diluted EPS of $ 0.19 and $ 2.03, respectively.
The filings preserved show a material rise in shares outstanding from 621,400,000 as of 2026-04-22 to 1,100,000,000 as of 2026-07-22, cash and equivalents falling to $ 950,000,000 by 2026-06-30, and long-term debt rising to $ 11,388,000,000 as of 2026-06-30. Valuation metrics in the model include P/E (TTM) 9.97, EV/EBITDA 8.7, price-to-FCF 6.43 with FCF (TTM) $ 6,883,000,000, and an implied FCF growth rate of -16.31% under the stated model inputs.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Reported Revenues were $3,807,000,000 for fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and $7,417,000,000 for fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001193125-26-208143Net income (NetIncomeLoss) was $120,000,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and $1,911,000,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001193125-26-334340Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
Devon filed its annual report on Form 10-K on 2026-02-18 that contains management's discussion and analysis of 2025 and 2024 results and references the February 1, 2026 Merger Agreement with Coterra.
10-K filed 2026-02-18Management states that on February 1, 2026 Devon entered into a Merger Agreement providing for an all-stock merger of equals with Coterra and characterizes the Merger as expected to capture $1.0 billion in sustainable annual synergies.
10-K filed 2026-02-18Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
No computed signal history for this symbol yet — signals need roughly 70 trading days of price history.
Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F filings reported institutional holdings totaling $43.44B as of 2026-06-30 (13F holdings carry a 45-day reporting lag).
13F holdings · 1470 filers · as of 2026-06-30The largest reported institutional holders in that 13F were BlackRock, Inc. ($3.94B), VANGUARD CAPITAL MANAGEMENT LLC ($3.11B), and STATE STREET CORP ($3.02B).
13F holdings · 1470 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple outlets ran a story that BP walked away from a potential $4.5 billion bet on Devon Energy's Eagle Ford Shale, framed as news about both BP and Devon.
News · finance.yahoo.com · 2026-09-25weakened in debateReuters reported that BP was weighing a potential acquisition of Devon Energy's South Texas shale assets, presented as interest by a third-party oil major in the company's assets.
News · seekingalpha.com · 2026-09-24Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Lowe Robert Ferrall III (EVP EXPLORATION & PRODUCTION) sold 6,756 shares for a reported value of "$344k" on 2026-09-14.
Form 4 · Lowe Robert Ferrall III (EVP EXPLORATION & PRODUCTION) · $344k sold · 2026-09-14Gaspar Clay M (PRESIDENT AND CEO) bought 3,913 shares for a reported value of "$200k" on 2026-09-14.
Form 4 · Gaspar Clay M (PRESIDENT AND CEO) · $200k bought · 2026-09-14Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model shows an implied free-cash-flow (FCF) growth rate of -16.31% (–0.1631), i.e., today's price implies shrinking FCF under the stated discount and terminal assumptions as of the price on 2026-09-25.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-FCF (TTM) is 6.43 and FCF (TTM) is $6,883,000,000, giving FCF per share of $7.3223 based on the shares used in the model.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-provided fundamentals and valuation metrics jointly support a favorable read: sequential Q1–Q2 revenues and a large Q2 net income and EPS jump (fundamentals-0, fundamentals-1, fundamentals-2) coexist with strong trailing free cash flow and low multiples (valuation-1, valuation-2, valuation-3) indicating materially positive historical cash generation relative to price. Management filings documenting a $1.0 billion synergy from the Coterra merger and prior operating progress (filings-1, filings-3, filings-5) and a history of large share repurchases and completed buybacks (filings-4, fundamentals-6) strengthen the case that internal actions have supported cash returns and operational scale. Institutional ownership is high and broad among major managers (ownership-0, ownership-1), and several street analysts’ buy ratings appear alongside these fundamentals, which together form corroborating signals of market interest. Evidence strength: strong for reported recent revenues, earnings, FCF and valuation multiples (fundamentals-0/1/2; valuation-1/2/3); medium for merger synergies and repurchase history (filings-1/4; fundamentals-6); weaker for third-party news/insider noise and parsed Form 4 issues (news-0/news-2/insider-3/ownership-3).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.33
33 surviving claims rest on 16 distinct sources; the heaviest analyst carries 21% of them, and 94% of what the desk raised survived the debate.
The surviving read rests on a moderate breadth of sources but a fairly small analyst concentration — one analyst contributed about a fifth of the surviving claims — which raises dependence risk on a few contributors. The very high debate survival rate (94%) means most checks passed scrutiny, but the evidence still leans on a limited set of filings and a few high-weight items, so treat the aggregated read as relatively robust on reported filings yet somewhat fragile to any single-source correction (e.g., a corrected filing or materially revised Form 4).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
12 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.3 to the score
5 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.9 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.6 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
2 filings
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−0.3 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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