Devon Energy Co. (DVN) To Go Ex-Dividend on September 13th

Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Tuesday, August 6th, Wall Street Journal reports. Stockholders of record on Friday, September 13th will be given a dividend of 0.22 per share by the energy company on Monday, September 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, September 13th.

Devon Energy has raised its dividend payment by an average of 48.3% per year over the last three years. Devon Energy has a payout ratio of 14.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $6.24 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 14.1%.

Devon Energy Stock Down 2.8 %

DVN stock opened at $40.24 on Wednesday. The company has a market cap of $25.43 billion, a PE ratio of 7.68, a price-to-earnings-growth ratio of 1.17 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 52 week low of $40.10 and a 52 week high of $55.09. The business has a 50-day simple moving average of $45.12 and a 200 day simple moving average of $47.54.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.18 EPS. Sell-side analysts anticipate that Devon Energy will post 5.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on DVN. Scotiabank decreased their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Truist Financial dropped their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, Wells Fargo & Company lowered their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.63.

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.