Devon Energy (DVN) Guns for 70% Shareholder Return, up 5.7%

Devon Energy Corp. (NYSE:DVN) is one of the 10 Stocks Surviving Market Slaughter.

Devon Energy grew its share prices by 5.74 percent on Wednesday to close at $46.60 apiece, as investors cheered a flurry of corporate updates, including plans to return 70 percent of free cash flow to its shareholders.

In a notice on its website, Devon Energy Corp. (NYSE:DVN) said that it is planning to return 70 percent of its free cash flow to investors through a combination of dividends and share repurchase activities.

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The company earlier announced to distribute $0.32 in dividends per share to all shareholders on record as of June 15, 2026. The figure marked a 33 percent increase from the $0.24 previously. Payments will be made on June 30, 2026.

In addition, Devon Energy Corp. (NYSE:DVN) continues to execute its $8 billion authorized share repurchase program, as it aims to boost shareholder and company value to align with what it believes to be its intrinsic value.

It also plans to repay $1.25 billion worth of debt this year to help improve its balance sheet.

In terms of production, the company is targeting to produce 1.38 million barrels of oil equivalent per day for the full year 2026, following the completion of its $58 billion acquisition of Coterra Energy. The figure includes 500,000 barrels of oil per day.

Devon Energy Corp. (NYSE:DVN) is allocating $4.9 billion for its expansion plans, of which 60 percent will be poured into its Permian Basin. It said it would provide timely updates as it looks to focus on the development of the project.

“Optimizing our portfolio ‌remains a top priority, and a complete review of our strategic and financial criteria is well underway,” CEO Clay Gaspar said.

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