Mattern Wealth Management LLC Lowers Holdings in Devon Energy Co. (NYSE:DVN)

by · The Markets Daily

Mattern Wealth Management LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 12.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,146 shares of the energy company’s stock after selling 1,243 shares during the quarter. Mattern Wealth Management LLC’s holdings in Devon Energy were worth $358,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Devon Energy by 9.8% in the 4th quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock valued at $7,838,000 after purchasing an additional 15,384 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Devon Energy in the first quarter valued at $951,000. Salem Investment Counselors Inc. boosted its holdings in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. Global Assets Advisory LLC purchased a new stake in Devon Energy during the first quarter valued at about $10,895,000. Finally, Gateway Investment Advisers LLC raised its holdings in shares of Devon Energy by 41.8% in the 1st quarter. Gateway Investment Advisers LLC now owns 28,474 shares of the energy company’s stock worth $1,429,000 after purchasing an additional 8,396 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. BMO Capital Markets dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Morgan Stanley reduced their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Devon Energy in a report on Friday. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, Piper Sandler reduced their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.53.

View Our Latest Stock Report on DVN

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.20 during trading on Tuesday, reaching $40.28. The stock had a trading volume of 1,897,495 shares, compared to its average volume of 7,322,774. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market cap of $25.46 billion, a PE ratio of 7.70, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The firm’s 50 day moving average price is $42.05 and its two-hundred day moving average price is $46.14.

Devon Energy (NYSE:DVN – Get Free Report) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.18%. Devon Energy’s dividend payout ratio is currently 16.79%.

About Devon Energy

(Free Report)

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

Featured Articles