Devon Energy Co. (NYSE:DVN) Plans Quarterly Dividend of $0.24

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Wednesday, February 19th,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has increased its dividend payment 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 Trading Up 7.7 %

Shares of NYSE DVN traded up $2.70 during midday trading on Wednesday, reaching $37.58. 21,695,603 shares of the stock were exchanged, compared to its average volume of 9,683,363. The business has a 50-day simple moving average of $34.26 and a two-hundred day simple moving average of $38.41. The company has a market capitalization 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 12 month low of $30.39 and a 12 month 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 announced 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 analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. As a group, equities research analysts expect that Devon Energy will post 4.68 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on DVN shares. Raymond James boosted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Truist Financial cut their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Finally, Piper Sandler boosted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price 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.