Devon Energy Corporation (NYSE:DVN) Shares Set to Pay Quarterly Dividend of $0.32

by · The Markets Daily

Devon Energy Corporation (NYSE:DVN – Get Free Report) announced a quarterly dividend on Thursday, November 5th. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.32 per share by the energy company on Wednesday, December 30th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, December 15th.

Devon Energy has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 1 years. Devon Energy has a dividend payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Devon Energy to earn $5.36 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 23.9%.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.32 on Friday. The stock has a market cap of $46.55 billion, a PE ratio of 9.94, a price-to-earnings-growth ratio of 1.15 and a beta of 0.43. The business’s fifty day moving average price is $48.74 and its two-hundred day moving average price is $46.01. Devon Energy has a one year low of $32.49 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.09. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue was up 66.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.04 EPS. On average, analysts forecast that Devon Energy will post 5.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Clay Gaspar bought 3,913 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. 4.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. raised its holdings in shares of Devon Energy by 119.0% in the third quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock worth $27,000 after buying an additional 313 shares during the period. Premier Financial Group bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. JFS Wealth Advisors LLC boosted its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC purchased a new position in Devon Energy during the 2nd quarter valued at $28,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the 2nd quarter valued at $29,000. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

(Get Free Report)

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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