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

Key Points

• Devon Energy declared a quarterly dividend of $0.32 per share, payable September 30 to shareholders of record on September 15. The dividend implies an annualized yield of approximately 2.9% and is supported by a 29.8% payout ratio.
• The company reported stronger-than-expected quarterly results, with EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year.
• Devon Energy shares opened at $43.92, with a $27.29 billion market capitalization and a 52-week range of $31.47 to $52.71. Institutional investors own approximately 69.72% of the stock, while insiders sold more than 112,000 shares over the past three months.

Devon Energy Corporation (NYSE:DVN - Get Free Report) announced a quarterly dividend on Tuesday, August 4th. Shareholders 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) annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th.

Devon Energy has raised its dividend by an average of 0.1%per year 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 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 Performance

NYSE DVN opened at $43.92 on Wednesday. The stock has a 50-day simple moving average of $43.56 and a two-hundred day simple moving average of $44.79. The firm has a market capitalization of $27.29 billion, a P/E ratio of 12.23 and a beta of 0.38. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

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

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company's stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. LSV Asset Management lifted its position in Devon Energy by 79.6% during the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after buying an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $2,089,000. Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after buying an additional 80,000 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

About Devon Energy

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.

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