Devon Energy Corporation
DVNEnergy · Oil & Gas E&P · Stock · quarterly payer
Forward Yield
2.49%
Annual Dividend
$1.28
Payout Ratio
23%
5-Yr Growth
18.0%
Ex-Date
Sep 15, 2026
Frequency
Quarterly
Key facts about DVN's dividend
Data as of · Source: SmarterDividends data
- As of Oct 24, 2026, Devon Energy Corporation (DVN) has a forward dividend yield of 2.49%, based on an annual dividend of $1.28 per share and a share price of $51.39.
- As of Oct 24, 2026, DVN's dividend safety grade from SmarterDividends is B (66 out of 100), which rates the dividend as safe.
- DVN last cut its regular dividend in 2025.
- DVN's most recent ex-dividend date was Sep 15, 2026, for a dividend of $0.32 per share.
- As of Oct 24, 2026, DVN pays out 23% of its trailing 12-month earnings as dividends (its payout ratio).
- DVN's dividend has grown at an average rate of 18.0% a year over the past five years.
- As of Oct 24, 2026, DVN's 2.49% yield is 53% below its five-year average yield of 5.33%.
- As of Oct 24, 2026, SmarterDividends' blended fair-value estimate for DVN is $46.29 per share, 10% below the $51.39 share price, so DVN screens as fairly valued.
- Devon Energy Corporation (DVN) pays its dividend quarterly, 4 times a year.
- Devon Energy Corporation (DVN) has raised its regular dividend 22 times and cut it 5 times across the 137 payments on record since 1993. Its most recent change was a 33.3% increase to $0.320 per share, going ex-dividend on Jun 15, 2026. The last cut went ex-dividend on Dec 13, 2024.
Cite this page
SmarterDividends, "DVN Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 24, 2026, https://smarterdividends.com/stocks/DVN
Summary
As of Oct 24, 2026, Devon Energy Corporation (DVN) yields 2.49% ($1.28 a year per share) and has a dividend safety grade of B (66/100).
Is DVN a good dividend stock?
Yes, with caveatsDevon Energy Corporation (DVN) pays a quarterly dividend yielding 2.49% ($1.28/yr), with 0 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.
Advantages
- Comfortable payout ratio (23%)
- Strong 18.0% 5-yr dividend growth
Risks
- Cut its dividend in 2025
Key Data
- Dividend Yield
- 2.49%
- Payout Ratio
- 23%
- Annual Dividend
- $1.28
- 5-Yr Avg Growth
- 18.0%
- Ex-Dividend Date
- Sep 15, 2026
- Years of Growth
- 0
- Frequency
- quarterly
- Beta
- 0.54
- Market Cap
- $56.5B
- P/E Ratio
- 11.2
- 5-Yr Total Return
- 22%
- 52-Week Range
- $31.65 – $52.71
- Dividend Safety
- B · 66/100
- Ever Cut?
- Yes (2025)
DVN dividend raises and cuts
Devon Energy Corporation (DVN) has raised its regular dividend 22 times and cut it 5 times across the 137 payments on record since 1993. Its most recent change was a 33.3% increase to $0.320 per share, going ex-dividend on Jun 15, 2026. The last cut went ex-dividend on Dec 13, 2024.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Jun 15, 2026 | Raise | $0.240 → $0.320 | +33.3% |
| Mar 14, 2025 | Raise | $0.220 → $0.240 | +9.1% |
| Dec 13, 2024 | Cut | $0.440 → $0.220 | −50.0% |
| Mar 14, 2024 | Cut | $0.770 → $0.440 | −42.9% |
| Dec 14, 2023 | Raise | $0.720 → $0.770 | +6.9% |
| Jun 14, 2023 | Cut | $0.890 → $0.720 | −19.1% |
| Mar 14, 2023 | Cut | $1.27 → $0.890 | −29.9% |
| Jun 10, 2022 | Raise | $1.00 → $1.27 | +27.0% |
| Mar 11, 2022 | Raise | $0.840 → $1.00 | +19.0% |
| Dec 9, 2021 | Raise | $0.490 → $0.840 | +71.4% |
| Sep 10, 2021 | Raise | $0.340 → $0.490 | +44.1% |
| Jun 11, 2021 | Raise | $0.300 → $0.340 | +13.3% |
Show all 27 changes since 1996
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Mar 12, 2021 | Raise | $0.110 → $0.300 | +172.7% |
| Jun 12, 2020 | Raise | $0.0900 → $0.110 | +22.2% |
| Jun 13, 2019 | Raise | $0.0800 → $0.0900 | +12.5% |
| Jun 14, 2018 | Raise | $0.0600 → $0.0800 | +33.3% |
| Jun 13, 2016 | Cut | $0.240 → $0.0600 | −75.0% |
| Jun 11, 2014 | Raise | $0.220 → $0.240 | +9.1% |
| Jun 12, 2013 | Raise | $0.200 → $0.220 | +10.0% |
| Mar 13, 2012 | Raise | $0.170 → $0.200 | +17.6% |
| Jun 13, 2011 | Raise | $0.160 → $0.170 | +6.3% |
| Mar 12, 2008 | Raise | $0.140 → $0.160 | +14.3% |
| Mar 13, 2007 | Raise | $0.113 → $0.140 | +23.9% |
| Mar 13, 2006 | Raise | $0.0750 → $0.113 | +50.7% |
| Mar 11, 2005 | Raise | $0.0500 → $0.0750 | +50.0% |
| Mar 11, 2004 | Raise | $0.0250 → $0.0500 | +100.0% |
| Dec 12, 1996 | Raise | $0.0150 → $0.0250 | +66.7% |
Frequently Asked Questions
Is DVN a good dividend stock?
Yes, with caveats. Devon Energy Corporation (DVN) pays a quarterly dividend yielding 2.49% ($1.28/yr), with 0 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.
Is DVN undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, DVN's fair value is about $46.29 versus a $51.39 share price — so it looks fairly valued (-10% vs. fair value).
Is DVN's dividend safe?
DVN has a dividend-safety grade of B (66/100), based on its payout coverage, free-cash-flow, 0-year growth streak, a dividend cut in 2025, debt and yield-versus-history.
What is DVN's fair value?
Our blended fair-value estimate for DVN is about $46.29 per share, about 10% below the current $51.39 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is DVN a buy, hold, or sell?
We don't issue formal ratings, but on the data DVN screens as "yes, with caveats" and fairly valued. Devon Energy Corporation (DVN) pays a quarterly dividend yielding 2.49% ($1.28/yr), with 0 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying. This is research for your own analysis, not investment advice.
Will DVN cut its dividend?
DVN earns a dividend-safety grade of B (66/100), and has cut its dividend before (last in 2025). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does DVN pay a dividend?
Yes. Devon Energy Corporation pays a quarterly dividend of about $1.28 per share annually, a forward yield of roughly 2.49%.
What is DVN's dividend yield?
As of Oct 24, 2026, DVN's forward dividend yield is 2.49%, based on a $1.28 annual dividend and a $51.39 share price.
What is DVN's dividend per share?
As of Oct 24, 2026, DVN pays $1.28 per share per year, distributed on a quarterly basis.
What is DVN's dividend payout ratio?
As of Oct 24, 2026, DVN's payout ratio is 23% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.
How many years has DVN grown its dividend?
DVN does not currently have a long dividend-growth streak on record.
When is the next DVN ex-dividend date?
As of Oct 24, 2026, DVN's next ex-dividend date hasn't been announced. The most recent was Sep 15, 2026, for $0.32 per share.
DVN Price — Last 12 Months
Daily close
Price Return
1 Year
+39%
3 Years
+14%
5 Years
+22%
52-Week Range
$31.65 – $52.71
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is DVN worth?
Fairly valuedmedium confidenceOur blended fair-value estimate for Devon Energy Corporation is $46.29 per share, versus a market price of $51.39. That implies the stock is roughly fairly priced.
Fair Value
$46.29
Current Price
$51.39
Gap
-10%
Margin of Safety
-11%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 6.1% annual free-cash-flow growth. We model 4.3% — so the price already assumes faster growth than we think is likely.
Assumptions: 8.0% discount rate (CAPM), 4.3% growth for five years fading to 2.5% over the next five, $4.59 EPS, $1.28 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
DVN Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full DVN dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 15, 2026 | Sep 30, 2026 | $0.3200 | regular |
| Jun 15, 2026 | Jun 30, 2026 | $0.3200 | regular |
| Mar 13, 2026 | Mar 31, 2026 | $0.2400 | regular |
| Dec 15, 2025 | Dec 30, 2025 | $0.2400 | regular |
| Sep 15, 2025 | Sep 30, 2025 | $0.2400 | regular |
| Jun 13, 2025 | Jun 30, 2025 | $0.2400 | regular |
| Mar 14, 2025 | Mar 31, 2025 | $0.2400 | regular |
| Dec 13, 2024 | Dec 30, 2024 | $0.2200 | regular |
| Sep 13, 2024 | Sep 30, 2024 | $0.4400 | regular |
| Jun 14, 2024 | Jun 28, 2024 | $0.3500 | regular |
| Mar 14, 2024 | Mar 28, 2024 | $0.4400 | regular |
| Dec 14, 2023 | Dec 29, 2023 | $0.7700 | regular |
| Sep 14, 2023 | Sep 29, 2023 | $0.4900 | regular |
| Jun 14, 2023 | Jun 30, 2023 | $0.7200 | regular |
Income Calculator
At $1.28 / yr per share
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