Devon Energy Corporation (NYSE:DVN) Declares Quarterly Dividend of $0.32

Devon Energy Corporation (NYSE:DVN) declared a quarterly dividend on Tuesday, August 4th. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.32 per share by the energy company on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th.

Devon Energy has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Devon Energy has a dividend payout ratio of 29.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Devon Energy to earn $4.78 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 26.8%.

Devon Energy Stock Down 0.3%

Shares of NYSE:DVN opened at $43.92 on Wednesday. The company has a market capitalization of $27.29 billion, a price-to-earnings ratio of 12.23 and a beta of 0.38. Devon Energy has a 12-month low of $31.47 and a 12-month high of $52.71. The business has a 50-day moving average price of $43.56 and a 200 day moving average price of $44.79. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the firm posted $0.84 earnings per share. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. Sell-side analysts expect that Devon Energy will post 4.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DVN. Truist Financial lowered their price objective on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Royal Bank Of Canada lifted their price objective on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, June 10th. Finally, Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.56.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.