Devon Energy Corp (NYSE:DVN) announced a quarterly dividend on Wednesday, March 7th, RTT News reports. Investors of record on Friday, June 15th will be paid a dividend of 0.08 per share by the energy company on Friday, June 29th. This represents a $0.32 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Thursday, June 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.06.

Devon Energy has decreased its dividend payment by an average of 36.6% annually over the last three years. Devon Energy has a payout ratio of 13.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $2.56 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 9.4%.

Shares of DVN stock opened at $41.93 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.70. Devon Energy has a 12 month low of $28.79 and a 12 month high of $45.16. The company has a market capitalization of $22.12 billion, a price-to-earnings ratio of 66.56, a PEG ratio of 4.26 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 1st. The energy company reported $0.20 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.20. Devon Energy had a return on equity of 5.68% and a net margin of 4.49%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter last year, the company earned $1.07 EPS. The company’s quarterly revenue was up 7.3% on a year-over-year basis. equities research analysts forecast that Devon Energy will post 1.42 EPS for the current year.

A number of analysts have commented on the company. Royal Bank of Canada set a $43.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Friday, February 23rd. M Partners raised their price objective on Devon Energy to $44.00 and gave the stock a “neutral” rating in a research report on Friday, June 8th. Howard Weil downgraded Devon Energy from a “focus stock” rating to a “sector outperform” rating in a research report on Thursday, April 12th. B. Riley raised their price objective on Devon Energy from $37.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Stifel Nicolaus set a $68.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $45.76.

Devon Energy announced that its Board of Directors has approved a share buyback program on Wednesday, March 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the energy company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In other Devon Energy news, Director John E. Bethancourt purchased 12,000 shares of the company’s stock in a transaction that occurred on Thursday, June 7th. The stock was purchased at an average cost of $41.90 per share, with a total value of $502,800.00. Following the acquisition, the director now directly owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lyndon C. Taylor sold 18,357 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $42.09, for a total value of $772,646.13. Following the sale, the executive vice president now directly owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

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 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.

Dividend History for Devon Energy (NYSE:DVN)

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