Devon Energy is one of the largest independent U.S. oil and gas exploration and production companies. Devon reported record free cash flow last year, and CEO Rick Muncrief recently said Devon generated “the best financial performance in our company’s prestigious 52-year history in 2022.”
Devon’s 2022 dividend payout has also more than doubled year over year to $5.17 per share, and the company raised its fixed dividend payout by 11% in February. Once Devon funds its quarterly fixed dividend payment, the company devotes up to 50% of its excess free cash flow to its variable dividend.
The median price target among the analysts covering DVN stock is $69.50.