Devon Energy Co. (NYSE:DVN) to Issue $0.22 Quarterly Dividend

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Tuesday, November 5th, Wall Street Journal reports. Investors of record on Friday, December 13th will be paid a dividend of 0.22 per share by the energy company on Monday, December 30th. This represents a $0.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, December 13th.

Devon Energy has increased its dividend payment by an average of 48.3% per year over the last three years. Devon Energy has a payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Devon Energy to earn $5.28 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 16.7%.

Devon Energy Trading Down 0.4 %

NYSE:DVN opened at $39.87 on Thursday. The business’s 50-day moving average is $40.72 and its two-hundred day moving average is $45.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The firm has a market capitalization of $24.97 billion, a PE ratio of 7.26, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Research analysts predict that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on DVN shares. Raymond James dropped their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday. Wolfe Research started coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Mizuho dropped their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.85.

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.