Shares of Devon Energy fell sharply Wednesday, one day after delivering disappointing fourth quarter results, reducing its fixed-plus-variable dividend and barely buying back any stock. Forward guidance wasn’t that great either. It’s certainly a frustrating story for sharholders like us, and one that bares further scrutiny.
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They’re pretty up-front and square dealing on the dividend calculation. I don’t know why everyone seems surprised by that.
And on the buy-backs—there’s no quarterly expectations of that. Or rather, there shouldn’t be.