Devon Energy (DVN) will raise its quarterly dividend by 12.5 percent to 9 cents per share in the first quarter of 2019. This follows last year's 33.3 percent dividend hike to $0.08 quarterly.

The adjusted dividend is payable on June 28, 2019, to stockholders of record at the close of business on June 14, 2019.

Devon Energy is an energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. The company's operations are concentrated in various North American onshore areas in the U.S. and Canada. In July 2018, Devon exited the midstream business by divesting its aggregate ownership interests in EnLink and the General Partner.  Devon Energy was formed in 1971 and has been publicly held since 1988.