Mattern Wealth Management LLC Sells 2,154 Shares of Devon Energy Co. (NYSE:DVN)

Mattern Wealth Management LLC cut its stake in Devon Energy Co. (NYSE:DVN) by 23.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,992 shares of the energy company’s stock after selling 2,154 shares during the period. Mattern Wealth Management LLC’s holdings in Devon Energy were worth $229,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the third quarter worth $461,857,000. EnCap Partners GP LLC acquired a new position in Devon Energy in the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in Devon Energy during the 3rd quarter worth $230,928,000. International Assets Investment Management LLC boosted its position in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Susquehanna dropped their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Scotiabank decreased their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.41.

Devon Energy Price Performance

DVN stock opened at $35.33 on Tuesday. The company’s 50-day moving average price is $35.20 and its two-hundred day moving average price is $39.78. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $23.20 billion, a P/E ratio of 6.55, a P/E/G ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $1.65 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Devon Energy Company 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.