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On December 2, 2020, Devon Energy (NYSE:DVN) declared a dividend payable on March 31, 2021 to its shareholders. Devon Energy also announced that shareholders on the company's books on or before March 15, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. Devon Energy, whose current dividend payout is $0.11, has an ex-dividend date set at March 12, 2021. The payout equates to a dividend yield of 3.14% at current price levels.
What Are Ex-Dividend Dates?
An ex-dividend date is when a company's shares stop trading with its current dividend payout in preparation for the company to announce a new one. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Most ex-dividend dates operate on a quarterly basis.
Understanding Devon Energy's Dividend Performance
Over the past year, Devon Energy has seen its dividend payouts remain the same and its yields climb upward overall. Last year on June 12, 2020 the company's payout sat at $0.11, which has returned to its value today. Devon Energy's dividend yield last year was 1.93%, which has since grown by 1.21%.
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.
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