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

Devon Energy Co. (NYSE:DVN - Get Free Report) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, June 14th will be paid a dividend of 0.22 per share by the energy company on Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Friday, June 14th.

Devon Energy has increased its dividend by an average of 48.3% annually over the last three years. Devon Energy has a dividend payout ratio of 16.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $5.83 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 15.1%.

Devon Energy Trading Down 0.1 %

NYSE DVN traded down $0.06 during trading on Thursday, hitting $50.34. 13,266,694 shares of the company's stock traded hands, compared to its average volume of 7,888,626. The firm has a market cap of $31.97 billion, a P/E ratio of 8.74 and a beta of 2.16. The stock has a fifty day moving average of $49.36 and a two-hundred day moving average of $46.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.64 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy's quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. As a group, sell-side analysts expect that Devon Energy will post 5.28 EPS for the current year.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Citigroup raised their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 11th. Scotiabank raised their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Royal Bank of Canada reissued a "sector perform" rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Truist Financial upped their price target on Devon Energy from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.56.

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.