Devon Energy (NYSE: DVN ) has lifted its quarterly dividend. The company will hand out $0.22 per share of its common stock on June 28 to shareholders of record as of June 14. This amount is 10% higher than the firm's previous disbursement of $0.20, which it paid in each of the preceding five quarters. Prior to that, the dividend was $0.17.
In the press release announcing the move, the company pointed out that it represents the eighth increase since 2004.
The new dividend annualizes to $0.88 per share. That yields 1.6% at Devon Energy's current stock price of $54.32.