oklahoma city – Devon Energy Corporation (NYSE: NYSE: ), a prominent independent oil and gas producer with a market capitalization of $23.64 billion and an overall good financial health rating according to InvestingPro, today announced significant changes to its executive team, promoting internal leaders and bringing in external talent. Strengthen its management while navigating the energy sector. The company, which currently trades at what InvestingPro’s analysis suggests is an undervalued level, maintains a favorable P/E ratio of 6.63.
John Raines has been named senior vice president of E&P Asset Management. Raines, who has been with Devon since 2005, has leadership experience within the company, including vice president of the Delaware Basin and other management roles. His education includes degrees in finance and energy management and a juris doctorate, both from Oklahoma institutions.
Concurrently, Trey Lowe, who served as vice president and chief technology officer, has been promoted to senior vice president and will continue to oversee Devon Energy Ventures’ operational technology, IT and digital teams. Lowe, also a Devon veteran since 2005, holds a bachelor of science degree in chemical engineering from Oklahoma State University.
Adding new experience to the team, Tom Hellman has been named Senior Vice President of E&P Operations. Hellman’s arrival at Devon follows the expiration of the term Marathon oil Corporation (NYSE:), where it manages Permian and Oklahoma assets. His extensive experience in the oil and gas industry includes leadership positions at WPX Energy (NYSE: ), APA Corporation and BP plc (LON:). Hellman is a graduate of the University of Alberta with a Bachelor of Science in Petroleum Engineering.
Clay Gaspar, Devon Energy’s incoming CEO, expressed his enthusiasm for the appointments, highlighting the combination of the company’s proven leadership and the fresh perspectives Hellman brings. Gaspar expects these strategic leadership changes to increase the company’s effectiveness as it tackles future opportunities in the sector. Analysts share this optimism. Data from InvestingPro shows that six analysts recently revised their earnings estimates for the next period.
Devon Energy, headquartered in Oklahoma City, is an S&P 500 company known for its exploration and production activities in the oil and gas industry. The company’s commitment to leadership development and strategic management is evident in these recent executive appointments.
This news article is based on a press release from Devon Energy Corporation.
In other recent news, Devon Energy Corporation announced that its current CEO, Richard E. Mancrief resigned and was succeeded by Clay M. Appointment of Gaspar. This executive change comes with a clear succession plan and is noteworthy for investors as the company prepares for a new chapter under Mr. Gaspari’s leadership.
In terms of financials, Devon Energy reported third quarter 2024 results with significant revenue growth. The company had revenue of $4.02 billion, compared to analyst estimates of $3.72 billion. However, adjusted earnings per share came in at $1.10, slightly below forecasts of $1.11.
Recent analysts’ revisions have also weighed on the company’s outlook. Truist Securities downgraded Devon Energy from a buy rating to a hold rating and lowered their target price to $43. Similarly, JPMorgan changed their price target on Devon Energy from $54.00 to $47.00, maintaining an Overweight rating on the stock.
In operational developments, Devon Energy reported that well productivity in the Delaware Basin improved by 20% year over year. The company plans to prioritize short-term stock repurchases over variable dividends due to volatility in commodity prices and increased leverage following the Grayson Mill merger. It plans to repurchase $200-$300 million worth of shares every quarter.
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