Devon Energy Corporation (NYSE:DVN) Raises Dividend to $0.32 Per Share

Devon Energy Corporation (NYSE:DVN) announced a quarterly dividend on Thursday, May 7th. Investors of record on Monday, June 15th will be paid a dividend of 0.32 per share by the energy company on Tuesday, June 30th. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, June 15th. This is a 33.3% increase from Devon Energy’s previous quarterly dividend of $0.24.

Devon Energy has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Devon Energy has a payout ratio of 22.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $4.89 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 19.6%.

Devon Energy Trading Up 1.1%

Devon Energy stock traded up $0.52 during mid-day trading on Friday, hitting $45.83. 3,311,496 shares of the company’s stock were exchanged, compared to its average volume of 13,889,606. The firm has a market capitalization of $28.46 billion, a P/E ratio of 12.78, a PEG ratio of 0.71 and a beta of 0.43. Devon Energy has a fifty-two week low of $30.24 and a fifty-two week high of $52.71. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company’s 50 day simple moving average is $47.32 and its 200-day simple moving average is $40.82.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 EPS. On average, equities analysts anticipate that Devon Energy will post 5.66 earnings per share for the current year.

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.