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 paid a dividend of 0.24 per share by the energy company on Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has raised its dividend by an average of 26.0% per year over the last three years. Devon Energy has a dividend payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $4.85 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 18.1%.

Devon Energy Stock Performance

NYSE:DVN opened at $37.58 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company has a market cap of $24.69 billion, a P/E ratio of 6.97, a P/E/G ratio of 1.08 and a beta of 1.98. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm’s 50 day moving average is $34.31 and its two-hundred day moving average is $38.40.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Analysts expect that Devon Energy will post 4.68 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on DVN shares. TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Raymond James raised their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Citigroup lowered their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.26.

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.