Devon Energy Co. (NYSE:DVN) Declares Quarterly Dividend of $0.24

Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Tuesday, February 18th,Wall Street Journal reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.24 per share by the energy company on Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22.

Devon Energy has raised its dividend by an average of 26.0% per year over the last three years. Devon Energy has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $4.85 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 18.1%.

Devon Energy Stock Up 7.7 %

Shares of DVN traded up $2.70 during midday trading on Wednesday, hitting $37.58. The company had a trading volume of 21,870,835 shares, compared to its average volume of 9,689,261. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The company’s 50 day moving average price is $34.26 and its 200 day moving average price is $38.41. The stock has a market cap of $24.69 billion, a price-to-earnings ratio of 6.97, a PEG ratio of 1.08 and a beta of 1.98.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. On average, equities research analysts predict that Devon Energy will post 4.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Cowen downgraded shares of Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Tuesday. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.26.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.