Devon Energy Corp (NYSE:DVN) announced a quarterly dividend on Wednesday, September 11th, RTT News reports. Investors of record on Friday, December 13th will be given a dividend of 0.09 per share by the energy company on Friday, December 27th. This represents a $0.36 annualized dividend and a yield of 1.49%.
Devon Energy has decreased its dividend payment by an average of 32.1% per year over the last three years. Devon Energy has a dividend payout ratio of 21.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 15.0%.
NYSE:DVN traded down $0.77 during midday trading on Thursday, hitting $24.20. 1,670,094 shares of the company traded hands, compared to its average volume of 7,137,040. Devon Energy has a 12-month low of $20.37 and a 12-month high of $42.27. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $23.65 and its 200-day moving average is $27.96. The firm has a market capitalization of $10.00 billion, a P/E ratio of 18.76, a P/E/G ratio of 1.75 and a beta of 2.34.
In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total value of $32,490.00. Following the sale, the chief accounting officer now directly owns 42,475 shares of the company’s stock, valued at $920,008.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.63% of the stock is currently owned by company insiders.
Several brokerages have recently issued reports on DVN. Morgan Stanley reduced their price objective on Devon Energy from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. SunTrust Banks began coverage on Devon Energy in a research note on Tuesday, July 30th. They issued a “buy” rating and a $33.00 price objective for the company. Seaport Global Securities restated a “buy” rating on shares of Devon Energy in a research note on Friday, June 21st. Wells Fargo & Co assumed coverage on Devon Energy in a research note on Monday, May 20th. They issued an “outperform” rating and a $40.00 price objective for the company. Finally, Piper Jaffray Companies set a $39.00 price target on Devon Energy and gave the company a “buy” rating in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $37.09.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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