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.
Fool contributor Eric Volkman has no position in Devon Energy. The Motley Fool owns shares of Devon Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.