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

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, June 14th will be paid a dividend of 0.22 per share by the energy company on Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, June 14th.

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 16.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $5.83 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 15.1%.

Devon Energy Price Performance

DVN stock traded down $0.06 during mid-day trading on Thursday, hitting $50.34. The company had a trading volume of 13,264,195 shares, compared to its average volume of 7,863,456. The company has a 50-day moving average price of $49.36 and a 200 day moving average price of $46.27. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market capitalization of $31.97 billion, a price-to-earnings ratio of 8.74 and a beta of 2.16. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, research analysts anticipate that Devon Energy will post 5.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research reports. Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. UBS Group lifted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Mizuho upped their target price on shares of Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial lifted their price target on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Citigroup upped their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.56.

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.