Devon Energy Corporation (NYSE:DVN) to Issue $0.32 Quarterly Dividend

Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Tuesday, August 4th. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.32 per share by the energy company on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 15th.

Devon Energy has increased its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 1 years. Devon Energy has a dividend payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Devon Energy to earn $4.78 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 26.8%.

Devon Energy Trading Down 2.3%

Shares of NYSE:DVN traded down $1.02 during mid-day trading on Wednesday, hitting $43.03. The stock had a trading volume of 1,417,957 shares, compared to its average volume of 13,664,321. The company’s 50 day moving average is $43.56 and its 200-day moving average is $44.79. Devon Energy has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market cap of $26.74 billion, a PE ratio of 11.99 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue was up 73.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. On average, sell-side analysts predict that Devon Energy will post 4.64 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DVN shares. Argus increased their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Finally, The Goldman Sachs Group lowered their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

About Devon Energy

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.