Why These Energy Stocks Are Gaining This Week

6. Devon Energy Corporation (NYSE:DVN)

Share Price Gains Between Feb. 14 – Feb. 24: 7.71%

Devon Energy Corporation (NYSE:DVN) is an oil and gas producer in the United States with a multi-basin portfolio. The company ended 2024 with exceptionally strong results, especially after the integration of its Grayson Mill assets. DVN’s Q4 2024 oil production reached an all-time high of 398,000 barrels per day, largely driven by the timing and productivity of its Eagle Ford wells. Its overall oil and gas production hit 848,000 barrels of oil equivalent per day (boed) during the quarter, topping prior estimates of 811,000 boed to 830,000 boed.

Devon Energy Corporation (NYSE:DVN) also strengthened its balance sheet by building cash in Q4 to about $850 million, up 25% from Q3. The company’s overall free cash flow for 2024 came in at $3 billion, of which $2 billion was returned to its shareholders. DVN declared a quarterly dividend of $0.24 per share, up 9.1% from its prior dividend of $0.22.

The impressive Q4 performance has encouraged Devon Energy Corporation (NYSE:DVN) to raise its guidance for 2025 by 2% to a new range of 805,000 boed to 825,000 boed.