Devon Energy Co. (NYSE:DVN) to Issue Quarterly Dividend of $0.24

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Tuesday, February 18th,Wall Street Journal reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.24 per share by the energy company on Monday, March 31st. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has raised its dividend by an average of 26.0% annually over the last three years. Devon Energy has a payout ratio of 17.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Devon Energy to earn $4.85 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 18.1%.

Devon Energy Stock Up 7.7 %

Devon Energy stock traded up $2.70 during trading hours on Wednesday, hitting $37.58. The company had a trading volume of 21,870,835 shares, compared to its average volume of 9,689,261. The firm has a market capitalization of $24.69 billion, a P/E ratio of 6.97, a price-to-earnings-growth ratio of 1.08 and a beta of 1.98. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s fifty day moving average is $34.26 and its 200-day moving average is $38.41. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. On average, research analysts forecast that Devon Energy will post 4.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Thursday, December 5th. Truist Financial decreased their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Citigroup decreased their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $49.26.

About Devon Energy

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.