Devon Energy Corp. (DVN) Reaches New 1-Year High Following Dividend Announcement
Devon Energy Corp. (NYSE:DVN)’s share price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $47.99 and last traded at $48.22, with a volume of 10,779,340 shares traded. The stock had previously closed at $42.16.
The newly announced dividend which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.50%. Devon Energy Corp.’s dividend payout ratio is presently -1.28%.
Several equities research analysts recently commented on the company. Bank of America Corp. set a $64.00 price target on Devon Energy Corp. and gave the company a “buy” rating in a report on Monday, October 10th. Zacks Investment Research cut Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 6th. Raymond James Financial Inc. cut Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 price target for the company. in a report on Tuesday, September 6th. Citigroup Inc. cut Devon Energy Corp. from a “positive” rating to a “market perform” rating in a research note on Tuesday, September 6th. They noted that the move was a valuation call. Finally, Argus raised their target price on Devon Energy Corp. from $51.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $42.21.
The firm’s market cap is $25.31 billion. The stock has a 50-day moving average of $42.42 and a 200-day moving average of $40.12.
A number of institutional investors have recently bought and sold shares of DVN. Vanguard Group Inc. boosted its position in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock worth $1,425,508,000 after buying an additional 2,924,209 shares during the last quarter. State Street Corp boosted its position in shares of Devon Energy Corp. by 1.8% in the second quarter. State Street Corp now owns 26,116,448 shares of the energy company’s stock valued at $946,729,000 after buying an additional 467,341 shares during the last quarter. FMR LLC boosted its position in shares of Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock valued at $449,675,000 after buying an additional 6,053,827 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Devon Energy Corp. by 2.4% in the third quarter. BlackRock Fund Advisors now owns 9,842,851 shares of the energy company’s stock valued at $434,168,000 after buying an additional 230,638 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in shares of Devon Energy Corp. by 9.7% in the third quarter. BlackRock Group LTD now owns 6,861,892 shares of the energy company’s stock valued at $302,679,000 after buying an additional 606,241 shares during the last quarter. 76.35% of the stock is owned by institutional investors.
Devon Energy Corp. Company Profile
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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