Devon Energy Co. (NYSE:DVN) Declares Dividend Increase – $0.34 Per Share


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Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Tuesday, May 4th, RTT News reports. Stockholders of record on Monday, June 14th will be paid a dividend of 0.34 per share by the energy company on Wednesday, June 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.80%. This is a boost from Devon Energy’s previous quarterly dividend of $0.11.

Devon Energy has increased its dividend by 75.0% over the last three years and has increased its dividend annually for the last 3 consecutive years.

Shares of Devon Energy stock traded down $0.17 on Tuesday, reaching $23.45. The stock had a trading volume of 10,884,614 shares, compared to its average volume of 12,999,674. Devon Energy has a 1 year low of $7.73 and a 1 year high of $26.13. The company has a market cap of $15.87 billion, a P/E ratio of -2.76, a price-to-earnings-growth ratio of 28.23 and a beta of 3.46. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 1.36. The business’s 50 day moving average is $22.50 and its two-hundred day moving average is $17.85.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 16th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Devon Energy had a positive return on equity of 2.38% and a negative net margin of 62.68%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company posted $0.36 earnings per share. On average, equities analysts anticipate that Devon Energy will post -0.07 EPS for the current fiscal year.

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of Devon Energy from $20.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, March 17th. Siebert Williams Shank restated a “buy” rating and issued a $17.00 price objective on shares of Devon Energy in a research report on Wednesday, January 13th. Evercore ISI upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on shares of Devon Energy from $22.00 to $30.00 in a research report on Thursday, March 18th. Finally, Northland Securities upped their price objective on shares of Devon Energy from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, April 1st. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $23.53.

In other Devon Energy news, Director Felix Investments Holdings Ii, sold 29,579,389 shares of the company’s stock in a transaction dated Monday, February 22nd. The shares were sold at an average price of $21.05, for a total value of $622,646,138.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Devon Energy Company Profile

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. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Dividend History for Devon Energy (NYSE:DVN)

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