Devon Energy Corporation (NYSE:DVN) Shares Set to Pay Quarterly Dividend of $0.32

Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Thursday, November 5th. Stockholders of record on Tuesday, December 15th will be paid a dividend of $0.32 per share by the energy company on Wednesday, December 30th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, December 15th.

Devon Energy has raised its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 1 years. Devon Energy has a payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $5.36 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 23.9%.

Devon Energy Stock Down 2.9%

Shares of DVN stock opened at $42.85 on Friday. The company has a market capitalization of $47.13 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 1.15 and a beta of 0.43. Devon Energy has a one year low of $32.06 and a one year high of $52.71. The company’s fifty day moving average price is $48.74 and its 200-day moving average price is $46.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last released its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.57 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue for the quarter was up 66.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.04 EPS. Sell-side analysts expect that Devon Energy will post 5.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clay M. Gaspar acquired 3,913 shares of the company’s stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. Maryland State Retirement & Pension System grew its stake in Devon Energy by 16.5% in the 3rd quarter. Maryland State Retirement & Pension System now owns 69,135 shares of the energy company’s stock valued at $3,183,000 after acquiring an additional 9,783 shares during the period. Joel Isaacson & Co. LLC acquired a new position in Devon Energy during the third quarter worth $272,000. Jefferies Financial Group Inc. raised its position in Devon Energy by 229.6% during the third quarter. Jefferies Financial Group Inc. now owns 680,720 shares of the energy company’s stock worth $31,340,000 after acquiring an additional 474,219 shares during the period. First Command Advisory Services Inc. raised its position in Devon Energy by 256.9% during the third quarter. First Command Advisory Services Inc. now owns 4,793 shares of the energy company’s stock worth $221,000 after acquiring an additional 3,450 shares during the period. Finally, DSG Capital Advisors LLC lifted its holdings in Devon Energy by 1.0% during the third quarter. DSG Capital Advisors LLC now owns 95,857 shares of the energy company’s stock valued at $4,413,000 after purchasing an additional 953 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.