Devon Energy Corporation (NYSE:DVN) declared a quarterly dividend on Wednesday, September 13th, RTT News reports. Shareholders of record on Friday, December 15th will be given a dividend of 0.06 per share by the energy company on Friday, December 29th. This represents a $0.24 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, December 14th.
Devon Energy has decreased its dividend by an average of 13.1% annually over the last three years. Devon Energy has a payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $2.19 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 11.0%.
Devon Energy (NYSE:DVN) opened at $38.41 on Wednesday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $20,207.25, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.21 and a beta of 2.21. Devon Energy has a 1 year low of $28.79 and a 1 year high of $49.45.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. Devon Energy’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.89 earnings per share. sell-side analysts forecast that Devon Energy will post 1.77 EPS for the current fiscal year.
Several research firms have weighed in on DVN. Credit Suisse Group started coverage on Devon Energy in a research report on Monday. They set an “outperform” rating and a $43.00 price target for the company. Morgan Stanley raised their price objective on Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Cowen restated a “buy” rating and set a $37.00 price objective on shares of Devon Energy in a report on Tuesday, August 22nd. Jefferies Group restated a “hold” rating and set a $31.00 price objective (down previously from $35.00) on shares of Devon Energy in a report on Tuesday, August 29th. Finally, Citigroup restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Tuesday, November 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $45.39.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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