Devon Energy Co. (NYSE:DVN) Plans $0.22 Quarterly Dividend

Devon Energy Co. (NYSE:DVN) declared a quarterly dividend on Wednesday, November 6th, Wall Street Journal reports. Stockholders of record on Friday, December 13th will be paid a dividend of 0.22 per share by the energy company on Monday, December 30th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, December 13th.

Devon Energy has increased its dividend payment by an average of 48.3% annually over the last three years. Devon Energy has a dividend payout ratio of 17.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $5.28 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 16.7%.

Devon Energy Stock Up 1.7 %

NYSE DVN traded up $0.68 on Wednesday, reaching $40.02. The company had a trading volume of 17,716,355 shares, compared to its average volume of 7,402,297. The firm has a market capitalization of $25.06 billion, a price-to-earnings ratio of 7.14, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09. The company’s fifty day moving average is $40.81 and its 200-day moving average is $45.06.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 EPS. On average, research analysts forecast that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research analyst reports. UBS Group reduced their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Truist Financial reduced their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Barclays reduced their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.15.

About Devon Energy

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.