Devon Energy Co. (NYSE:DVN) Increases Dividend to $0.34 Per Share

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

Devon Energy has increased its dividend payment by 75.0% over the last three years and has increased its dividend every year for the last 3 years.

Shares of NYSE:DVN traded down $0.17 during trading on Tuesday, hitting $23.45. 10,884,614 shares of the company were exchanged, compared to its average volume of 12,999,674. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of -2.76, a P/E/G ratio of 28.23 and a beta of 3.46. Devon Energy has a fifty-two week low of $7.73 and a fifty-two week high of $26.13. The firm has a fifty day moving average price of $22.50 and a two-hundred day moving average price of $17.85. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 1.36.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 16th. The energy company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.24 billion. Devon Energy had a positive return on equity of 2.38% and a negative net margin of 62.68%. During the same period last year, the firm earned $0.36 EPS. As a group, research analysts predict that Devon Energy will post -0.07 EPS for the current year.

In other news, Director Felix Investments Holdings Ii, sold 29,579,389 shares of the business’s stock in a transaction that occurred on 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 filing with the SEC, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

A number of research analysts recently weighed in on DVN shares. The Goldman Sachs Group started coverage on Devon Energy in a report on Monday, March 29th. They set a “buy” rating and a $30.75 target price on the stock. Truist lifted their target price on Devon Energy from $30.00 to $35.00 in a report on Monday, March 8th. Citigroup raised their price target on shares of Devon Energy from $24.00 to $29.00 in a research report on Tuesday, March 23rd. Morgan Stanley lifted their price objective on shares of Devon Energy from $20.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 17th. Finally, Northland Securities lifted their price objective on shares of Devon Energy from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, April 1st. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $23.53.

About Devon Energy

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.

Further Reading: Equal Weight Rating

Dividend History for Devon Energy (NYSE:DVN)

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