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

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Tuesday, August 6th, Wall Street Journal reports. Stockholders of record on Friday, September 13th will be given a dividend of 0.22 per share by the energy company on Monday, September 30th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, September 13th.

Devon Energy has raised its dividend by an average of 48.3% annually over the last three years. Devon Energy has a payout ratio of 14.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Devon Energy to earn $6.24 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 14.1%.

Devon Energy Trading Down 0.7 %

NYSE DVN opened at $39.93 on Thursday. Devon Energy has a 52 week low of $39.02 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock’s 50 day moving average price is $44.95 and its two-hundred day moving average price is $47.49. The stock has a market capitalization of $25.24 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.17 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, analysts anticipate that Devon Energy will post 5.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DVN. JPMorgan Chase & Co. raised their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Sanford C. Bernstein dropped their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Bank of America reissued a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler lowered their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.63.

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.