DEVON ENERGY CORP/DE (DVN)

Crude Petroleum & Natural Gas

Latest Price

$49.73

TTM P/E

11.81

Normalized P/E

8.46

Div Yield

1.61%

Book Value

53.66

P/B Ratio

0.93

Valuation metrics

EPS: $4.17

Book value / share: $24.53

Formula: √(22.5 × EPS × BVPS)

Graham Number

$47.98

4% downside

Norm. op. income: $3.6B (median of 6yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$31.84

36% downside

Base FCF: $3.0B (median of recent 5yr)

Growth: 8%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$89.03

+79% upside

EPS: $4.17

Target P/E: 8×

Formula: EPS × P/E

P/E Fair Value

$33.36

33% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	95.38M	$3.94B	10.18%	+34.87M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	75.35M	$3.11B	8.04%	+35.02M	2026-06-30
STATE STREET CORP	73.18M	$3.02B	7.81%	+34.62M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	57.26M	$2.37B	6.11%	+22.93M	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	51.52M	$2.13B	5.50%	+41.58M	2026-06-30
Sixth Street Partners Management Company, L.P.	38.32M	$1.58B	4.09%	--	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	38.32M	$1.58B	4.09%	+19.15M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	30.52M	$1.26B	3.26%	+13.77M	2026-06-30
Davis Selected Advisers	25.30M	$1.04B	2.70%	--	2026-06-30
Invesco Ltd.	24.15M	$997.0M	2.58%	+5.19M	2026-06-30