Devon Energy Corporation (DVN) to Issue Quarterly Dividend of $0.24 on March 31st

Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Tuesday, February 17th. Stockholders of record on Friday, March 13th will be paid a dividend of 0.24 per share by the energy company on Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th.

Devon Energy has raised its dividend by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Devon Energy has a payout ratio of 22.3% meaning 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 Performance

NYSE DVN opened at $44.40 on Thursday. The business has a 50 day moving average price of $38.64 and a 200 day moving average price of $35.97. The company has a market capitalization of $27.85 billion, a P/E ratio of 10.65, a PEG ratio of 4.00 and a beta of 0.61. Devon Energy has a 1-year low of $25.89 and a 1-year high of $45.32. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.39% and a net margin of 15.37%.The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the company earned $1.10 earnings per share. Devon Energy’s revenue was down 6.4% compared to the same quarter last year. Sell-side analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DVN shares. Jefferies Financial Group raised their target price on shares of Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Siebert Williams Shank raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. BMO Capital Markets reduced their target price on Devon Energy from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Mizuho set a $51.00 target price on Devon Energy in a report on Tuesday, February 3rd. Finally, Zacks Research cut Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.32.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.