Devon Energy Co. (NYSE:DVN) to Issue Quarterly Dividend of $0.22

Devon Energy Co. (NYSE:DVN) announced a quarterly dividend on Tuesday, November 5th,Wall Street Journal reports. Investors of record on Friday, December 13th will be paid a dividend of 0.22 per share by the energy company on Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, December 13th.

Devon Energy has raised its dividend payment by an average of 48.3% annually over the last three years. Devon Energy has a dividend payout ratio of 19.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $4.82 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 18.3%.

Devon Energy Price Performance

Devon Energy stock opened at $34.73 on Wednesday. The business has a 50-day simple moving average of $39.18 and a 200 day simple moving average of $42.83. Devon Energy has a 52 week low of $34.69 and a 52 week high of $55.09. The stock has a market cap of $22.81 billion, a price-to-earnings ratio of 6.44, a PEG ratio of 1.11 and a beta of 1.99. 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 (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.65 earnings per share. On average, research analysts forecast that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Wells Fargo & Company dropped their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Hold” and an average price target of $50.75.

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.