Devon Energy Co. (NYSE:DVN) Position Cut by Mattern Wealth Management LLC

Mattern Wealth Management LLC lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 12.0% in the 3rd quarter, Holdings Channel reports. The fund owned 9,146 shares of the energy company’s stock after selling 1,243 shares during the period. Mattern Wealth Management LLC’s holdings in Devon Energy were worth $358,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Everence Capital Management Inc. bought a new position in Devon Energy in the 3rd quarter worth about $1,086,000. Wealth Effects LLC boosted its position in shares of Devon Energy by 46.9% during the third quarter. Wealth Effects LLC now owns 10,673 shares of the energy company’s stock worth $418,000 after buying an additional 3,408 shares during the period. Violich Capital Management Inc. grew its holdings in Devon Energy by 4.2% in the 3rd quarter. Violich Capital Management Inc. now owns 68,185 shares of the energy company’s stock worth $2,667,000 after buying an additional 2,750 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Devon Energy by 14.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,192,819 shares of the energy company’s stock valued at $124,903,000 after acquiring an additional 397,507 shares during the period. Finally, Nepsis Inc. raised its stake in Devon Energy by 10.5% during the 3rd quarter. Nepsis Inc. now owns 486,781 shares of the energy company’s stock valued at $19,043,000 after acquiring an additional 46,216 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.5 %

Devon Energy stock traded up $0.20 during midday 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. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a market cap of $25.46 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.27 and a beta of 2.02. The firm’s fifty day simple moving average is $42.05 and its two-hundred day simple moving average is $46.14.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 earnings per share. Equities analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent analyst reports. Wolfe Research initiated coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. UBS Group lowered their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Susquehanna dropped their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Profile

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.