Devon Energy Corporation (DVN) to Issue Quarterly Dividend of $0.06 on September 29th
Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Wednesday, June 7th, RTT News reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.06 per share by the energy company on Friday, September 29th. This represents a $0.24 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Thursday, September 14th.
Devon Energy Corporation has decreased its dividend payment by an average of 13.1% per year over the last three years. Devon Energy Corporation has a dividend payout ratio of 14.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Devon Energy Corporation to earn $2.06 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 11.7%.
Shares of Devon Energy Corporation (NYSE DVN) opened at 31.47 on Friday. The stock has a market capitalization of $16.54 billion, a PE ratio of 7.12 and a beta of 2.18. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The stock has a 50 day moving average of $31.84 and a 200 day moving average of $35.92.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The business’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 earnings per share. Analysts forecast that Devon Energy Corporation will post $1.74 earnings per share for the current year.
A number of research analysts have recently commented on DVN shares. Scotiabank set a $49.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Saturday, July 1st. KLR Group restated a “buy” rating and issued a $54.00 price target (up from $52.00) on shares of Devon Energy Corporation in a report on Monday, May 15th. BMO Capital Markets set a $42.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, May 15th. Stifel Nicolaus restated a “buy” rating and issued a $74.00 price target on shares of Devon Energy Corporation in a report on Tuesday, June 6th. Finally, Royal Bank Of Canada set a $53.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, May 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $46.27.
In related news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the transaction, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.98% of the company’s stock.
Devon Energy Corporation Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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