Devon Energy Co. (DVN) To Go Ex-Dividend on December 13th

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 given 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 yield of 2.53%. The ex-dividend date is Friday, December 13th.

Devon Energy has raised its dividend by an average of 48.3% per year over the last three years. Devon Energy has a dividend payout ratio of 19.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

NYSE DVN opened at $34.73 on Wednesday. The company has a fifty day moving average price of $39.18 and a 200-day moving average price of $42.83. The firm 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 debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a 1 year low of $34.69 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Analyst Ratings Changes

DVN has been the subject of a number of research analyst reports. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Piper Sandler raised their target price on Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Mizuho cut their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Finally, TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $50.75.

Devon Energy Company Profile

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.