The new dividend:
- quarterly = $1.55
- 4 x $1.55 = $6.20
- current DVN price: $62
- dividend annual yield: 10%
From Reuters:
- 2Q22
- surpassed estimates
- raised quarterly dividend by 22%
- to $1.55 from $1.27
- lifted its 2022 (this year) production forecast too 600,000 bopd fromo 570,000 bopd
- due to better-than-expected (say what?) well performance; and,
- acquisition of Williston Basin assets (say what?)
- net earnings:
- $1.93 billion vs $256 million one year ago;
- $2.93 per share vs 38 cents / share a year ago;
The biggest takeaway for me with regard to DVN's earnings and share price:
- investors want dividends, not share buybacks.
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