Devon Energy Co. (NYSE:DVN) Announces Quarterly Dividend of $0.22

Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Wednesday, November 6th, Wall Street Journal reports. Stockholders of record on Friday, December 13th will be paid a dividend of 0.22 per share by the energy company on Monday, December 30th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th.

Devon Energy has raised its dividend by an average of 48.3% per year over the last three years. Devon Energy has a dividend payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Devon Energy to earn $5.28 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 16.7%.

Devon Energy Stock Up 1.7 %

NYSE DVN traded up $0.68 during trading on Wednesday, hitting $40.02. 17,716,355 shares of the company traded hands, compared to its average volume of 7,402,297. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The business has a fifty day simple moving average of $40.81 and a 200 day simple moving average of $45.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $25.06 billion, a P/E ratio of 7.14, a PEG ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.65 earnings per share. As a group, sell-side analysts predict that Devon Energy will post 4.93 EPS for the current year.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. Raymond James dropped their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday. Piper Sandler decreased their price objective on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. Truist Financial cut their target price on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, Benchmark reiterated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.15.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.