Devon Energy Co. (NYSE:DVN) Announces Dividend Increase – $0.24 Per Share

Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Wednesday, February 19th,Wall Street Journal reports. Investors of record on Friday, March 14th will be given a dividend of 0.24 per share by the energy company on Monday, March 31st. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has increased its dividend by an average of 26.0% per year over the last three years. Devon Energy has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Equities research 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

DVN traded up $2.70 during trading on Wednesday, hitting $37.58. The stock had a trading volume of 21,695,603 shares, compared to its average volume of 9,683,363. The company has a 50 day moving average price of $34.26 and a 200-day moving average price of $38.41. The firm has a market cap of $24.69 billion, a price-to-earnings ratio of 6.97, a P/E/G ratio of 1.08 and a beta of 1.98. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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

Analyst Ratings Changes

DVN has been the subject of a number of research analyst reports. Raymond James boosted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Piper Sandler boosted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Truist Financial lowered their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.26.

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.