Devon Energy Co. (NYSE:DVN) Declares 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 paid a dividend of 0.24 per share by the energy company on Monday, March 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Friday, March 14th. This is a 9.1% increase from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has raised its dividend payment by an average of 26.0% annually over the last three years. Devon Energy has a payout ratio of 18.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $5.00 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 19.2%.

Devon Energy Stock Up 0.5 %

NYSE:DVN opened at $34.40 on Wednesday. The company’s 50-day simple moving average is $35.32 and its 200-day simple moving average is $37.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock has a market capitalization of $22.32 billion, a P/E ratio of 7.54, a P/E/G ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 18.14% and a return on equity of 22.52%. On average, equities analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DVN. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Mizuho cut their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Truist Financial upped their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Finally, Cowen downgraded shares of Devon Energy to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.