Devon Energy Corp (NYSE:DVN) announced a quarterly dividend on Wednesday, September 12th, RTT News reports. Stockholders of record on Friday, December 14th will be given a dividend of 0.08 per share by the energy company on Friday, December 28th. This represents a $0.32 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, December 13th.
Devon Energy has decreased its dividend by an average of 36.6% annually over the last three years. Devon Energy has a payout ratio of 19.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $2.45 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 13.1%.
NYSE:DVN opened at $27.20 on Friday. Devon Energy has a one year low of $25.87 and a one year high of $46.54. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market capitalization of $12.99 billion, a PE ratio of 43.17, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.42 by $0.21. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the business posted $0.46 EPS. The company’s quarterly revenue was up 33.4% compared to the same quarter last year. Research analysts forecast that Devon Energy will post 1.57 earnings per share for the current year.
DVN has been the subject of several recent research reports. Piper Jaffray Companies upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating in a report on Thursday, September 27th. Johnson Rice upgraded shares of Devon Energy from an “accumulate” rating to a “buy” rating in a research note on Wednesday, August 15th. TheStreet lowered shares of Devon Energy from a “c-” rating to a “d+” rating in a research note on Friday, November 2nd. Morgan Stanley reduced their price objective on shares of Devon Energy from $45.00 to $44.00 and set a “hold” rating for the company in a research note on Wednesday, September 26th. Finally, Capital One Financial upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, October 24th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $47.22.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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