Devon Energy Co. (NYSE:DVN – Get Rating) declared a quarterly dividend on Monday, May 2nd, Zacks reports. Investors of record on Monday, June 13th will be given a dividend of 1.27 per share by the energy company on Thursday, June 30th. This represents a $5.08 annualized dividend and a yield of 7.76%. The ex-dividend date is Friday, June 10th. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00.
Devon Energy has raised its dividend by an average of 79.8% annually over the last three years and has raised its dividend every year for the last 5 years. Devon Energy has a payout ratio of 50.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Devon Energy to earn $8.92 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 44.8%.
Shares of DVN stock opened at $65.50 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. Devon Energy has a fifty-two week low of $23.02 and a fifty-two week high of $65.45. The stock’s 50-day moving average is $59.51 and its two-hundred day moving average is $50.57. The firm has a market cap of $43.26 billion, a P/E ratio of 12.06, a PEG ratio of 0.14 and a beta of 2.60.
Devon Energy announced that its Board of Directors has approved a share buyback program on Monday, May 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the energy company to buy up to 4.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
DVN has been the subject of a number of research reports. Benchmark downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, March 2nd. Royal Bank of Canada increased their target price on Devon Energy from $54.00 to $62.00 in a report on Thursday, February 17th. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday. Truist Financial increased their target price on Devon Energy from $80.00 to $91.00 in a report on Thursday, April 21st. Finally, Credit Suisse Group increased their target price on Devon Energy from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, February 16th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Buy” and a consensus price target of $64.68.
In other Devon Energy news, COO Clay M. Gaspar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $63.75, for a total transaction of $1,912,500.00. Following the transaction, the chief operating officer now owns 765,202 shares of the company’s stock, valued at $48,781,627.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Tana K. Cashion sold 17,455 shares of the business’s stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $58.41, for a total value of $1,019,546.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 164,251 shares of company stock worth $9,827,922. 0.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH increased its holdings in shares of Devon Energy by 22.1% during the fourth quarter. Allianz Asset Management GmbH now owns 506,711 shares of the energy company’s stock worth $22,310,000 after buying an additional 91,651 shares in the last quarter. Allstate Corp acquired a new position in shares of Devon Energy during the fourth quarter worth $2,317,000. Cubist Systematic Strategies LLC increased its holdings in shares of Devon Energy by 292.1% during the fourth quarter. Cubist Systematic Strategies LLC now owns 61,553 shares of the energy company’s stock worth $2,711,000 after buying an additional 45,853 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Devon Energy by 176.4% in the fourth quarter. NewEdge Advisors LLC now owns 49,884 shares of the energy company’s stock valued at $2,197,000 after purchasing an additional 31,834 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Devon Energy by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,453,878 shares of the energy company’s stock valued at $64,043,000 after purchasing an additional 24,895 shares during the period. Hedge funds and other institutional investors own 87.01% of the company’s stock.
Devon Energy Company Profile (Get Rating)
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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