Devon Energy Co. (DVN) to Issue Quarterly Dividend of $0.24 on March 31st

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Tuesday, February 18th, Wall Street Journal reports. Investors 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 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 increased its dividend by an average of 26.0% per year over the last three years. Devon Energy has a payout ratio of 18.2% meaning 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 Price Performance

DVN stock opened at $34.40 on Wednesday. The company has a market capitalization of $22.32 billion, a PE ratio of 7.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company’s fifty day moving average price is $35.32 and its 200-day moving average price is $37.49. Devon Energy has a one year low of $30.39 and a one year high of $55.09. 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 (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, equities analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research reports. Barclays boosted their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Cowen lowered Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Truist Financial boosted their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Finally, Benchmark restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.