filings.toolsItem 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the NYSE under the “DVN” ticker symbol. On February 5, 2020, there were 6,771 holders of record of our common stock. We began paying regular quarterly cash dividends in the second quarter of 1993. The declaration of future dividends is a business decision made by our Board of Directors, and will depend on Devon’s financial condition and other relevant factors. Additional information on our dividends can be found in Note 17 in “Item 8. Financial Statements and Supplementary Data” of this report.
Performance Graph
The following graph compares the cumulative TSR over a five-year period on Devon’s common stock with the cumulative total returns of the S&P 500 Index and a peer group of companies to which we compare our performance. The peer group includes Apache Corporation, Chesapeake Energy Corporation, Concho Resources, Inc., ConocoPhillips, Continental Resources, Inc., Encana Corporation, EOG Resources, Inc., Hess Corporation, Marathon Oil Corporation, Murphy Oil Corporation, Noble Energy, Inc., Occidental Petroleum Corporation and Pioneer Natural Resources Company. Anadarko Petroleum Corporation was a part of this peer group prior to being acquired by Occidental Petroleum Corporation in 2019. The graph was prepared assuming $100 was invested on December 31, 2014 in Devon’s common stock, the peer group and the S&P 500 Index, and dividends have been reinvested subsequent to the initial investment. Commencing in 2020, Devon will use a recalibrated peer group for performance and compensation purposes. This new peer group was selected to better align with Devon’s go-forward size and operations in light of our strategic transformation in 2019.
The graph and related information should not be deemed “soliciting material” or to be “filed” with the SEC, nor should such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate such information by reference into such a filing. The graph and information is included for historical comparative purposes only and should not be considered indicative of future stock performance.
Issuer Purchases of Equity Securities
The following table provides information regarding purchases of our common stock that were made by us during the fourth quarter of 2019 (shares in thousands).
| Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| October 1 - October 31 | 4,285 | $ | 21.27 | 4,244 | $ | 199 | ||||||||||
| November 1 - November 30 | 218 | $ | 22.33 | 192 | $ | 195 | ||||||||||
| December 1 - December 31 | 9 | $ | 22.58 | — | $ | 1,000 | ||||||||||
| Total | 4,512 | $ | 21.32 | 4,436 |
| (1) | In addition to shares purchased under the share repurchase program described below, these amounts also included approximately 76,000 shares received by us from employees for the payment of personal income tax withholding on vesting transactions. |
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| (2) | On March 7, 2018, we announced a $1.0 billion share repurchase program. On June 6, 2018, we announced the expansion of this program to $4.0 billion. On February 19, 2019, we announced a further expansion to $5.0 billion with a December 31, 2019 expiration date. Of the $5.0 billion authorized amount, $4.8 billion was repurchased when the program expired on December 31, 2019. On December 17, 2019, we announced a new $1.0 billion share repurchase program with a December 31, 2020 expiration date. Under the new program, $800 million of the $1.0 billion authorization is conditioned upon the closing of the pending Barnett Shale divestiture. During 2019, we repurchased 68.6 million shares of common stock for $1.8 billion, or $26.62 per share. Future purchases under the program will be made in the open market, private transactions or through the use of ASR programs. |
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Under the Devon Plan, eligible employees previously had the option to purchase shares of our common stock through an investment in the Devon Stock Fund, which is administered by an independent trustee. Eligible employees purchased approximately 27,000 shares of our common stock in 2019, at then-prevailing stock prices, that they held through their ownership in the Devon Stock Fund. We acquired the shares of our common stock sold under this plan through open-market purchases.
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