Devon Energy Corporation (DVN) To Go Ex-Dividend on September 15th

Devon Energy Corporation (NYSE:DVN) declared a quarterly dividend on Tuesday, August 4th. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.32 per share by the energy company on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 15th.

Devon Energy has raised its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Devon Energy has a dividend payout ratio of 29.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Devon Energy to earn $4.78 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 26.8%.

Devon Energy Trading Down 4.4%

NYSE DVN opened at $42.09 on Thursday. The stock has a market cap of $26.16 billion, a P/E ratio of 10.00 and a beta of 0.38. The company’s fifty day simple moving average is $43.52 and its 200-day simple moving average is $44.83. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 21.29%. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the business earned $0.84 EPS. The business’s revenue was up 73.1% on a year-over-year basis. Equities research analysts predict that Devon Energy will post 4.64 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on DVN shares. Roth Capital reissued a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Jefferies Financial Group lifted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Scotiabank raised their price objective on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.