Devon Energy Corporation (DVN) to Issue Quarterly Dividend of $0.24 on December 30th

Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Wednesday, November 5th. Investors of record on Monday, December 15th will be given a dividend of 0.24 per share by the energy company on Tuesday, December 30th. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, December 15th.

Devon Energy has raised its dividend by an average of 0.3%annually over the last three years and has raised its dividend every year for the last 1 years. Devon Energy has a payout ratio of 22.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $5.00 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 19.2%.

Devon Energy Stock Down 0.1%

DVN traded down $0.02 on Friday, reaching $37.52. 7,098,152 shares of the company traded hands, compared to its average volume of 7,584,691. The company has a market cap of $23.53 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.85 and a beta of 0.62. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The stock’s 50 day moving average price is $34.65 and its 200-day moving average price is $34.04. Devon Energy has a 52-week low of $25.89 and a 52-week high of $38.88.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same quarter in the prior year, the firm earned $1.10 EPS. On average, sell-side analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on DVN shares. Argus raised Devon Energy to a “strong-buy” rating in a research report on Wednesday, November 26th. Capital One Financial cut their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Royal Bank Of Canada set a $42.00 price target on Devon Energy and gave the company a “sector perform” rating in a research note on Friday, October 10th. Mizuho lifted their target price on shares of Devon Energy from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $49.00 to $44.00 in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.90.

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.