Devon Energy Corp (NYSE:DVN) declared a quarterly dividend on Wednesday, September 16th, RTT News reports. Stockholders of record on Friday, December 11th will be paid a dividend of 0.11 per share by the energy company on Wednesday, December 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.51%.
Devon Energy has decreased its dividend payment by 16.7% over the last three years and has raised its dividend annually for the last 2 consecutive years. Devon Energy has a payout ratio of -191.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Devon Energy to earn $0.58 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 75.9%.
NYSE DVN traded up $0.53 during mid-day trading on Wednesday, hitting $9.76. The company’s stock had a trading volume of 7,845,110 shares, compared to its average volume of 9,699,959. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of -1.22 and a beta of 3.26. The company’s 50 day simple moving average is $10.87 and its 200 day simple moving average is $10.95. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of 1.28. Devon Energy has a twelve month low of $4.70 and a twelve month high of $28.04.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.08. The firm had revenue of $394.00 million during the quarter, compared to analysts’ expectations of $1 billion. Devon Energy had a negative net margin of 51.02% and a positive return on equity of 4.29%. The business’s revenue was down 78.2% on a year-over-year basis. During the same period last year, the company earned $0.40 earnings per share. As a group, research analysts forecast that Devon Energy will post -0.14 EPS for the current year.
Several analysts have recently commented on the company. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating and set a $11.00 price objective for the company. in a research note on Wednesday, July 15th. SunTrust Banks raised their price objective on Devon Energy from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Friday, June 19th. UBS Group upped their target price on shares of Devon Energy from $14.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Piper Sandler raised their price target on shares of Devon Energy from $15.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Morgan Stanley upped their price objective on shares of Devon Energy from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Friday, August 21st. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.00.
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 and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
Read More: What is the Ex-Dividend Date in Investing?
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.