DVN vs MTDR: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MTDR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DVN and MTDR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DVN and MTDR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Devon Energy is a large US independent exploration and production company that finds and produces crude oil, natural gas, and natural gas liquids. Its portfolio is anchored in the Delaware Basin (part of the Permian) and includes positions in the Anadarko Basin, Eagle Ford, Williston, and other onshore US plays. As a producer that sells raw commodities into global markets, Devon is largely a price-taker: its revenue, margins, and shareholder payouts are driven mainly by oil and gas prices and by how efficiently it can drill and complete wells, rather than by any single product or brand.

Full DVN guide

Matador Resources drills, completes and produces oil and natural gas from the Wolfcamp and Bone Spring formations of the Delaware Basin, the western lobe of the Permian, with roughly 483 employees and a founder, Joseph Foran, who has run the company since 2003. Production averaged ~215,631 barrels of oil equivalent per day in the second quarter of 2026, ~58% of it crude oil, and proved reserves reached ~703 million BOE at June 30, 2026 against ~667 million at the end of 2025. Alongside the wells, Matador owns 51% of San Mateo, a gathering and processing joint venture with Five Point Infrastructure that moves natural gas, crude and produced water for Matador and for third-party customers. San Mateo's acquisition of Cardinal Midstream, which closed on July 31, 2026, pushed its designed processing capacity above one billion cubic feet per day.

Full MTDR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DVN drivers: Oil and gas prices drive the story; Coterra merger and Permian scale.
• MTDR drivers: Four inventory transactions closed or pending in one year; Higher-quality rock and better lease economics.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is commodity price cyclicality: with revenue tied to oil and gas prices, a global slowdown, an OPEC+ supply shift, or weak natural gas prices can compress cash flow and shrink the variable dividend and buybacks quickly. For MTDR, commodity price is the dominant variable: second-quarter earnings leaned on ~$98 per barrel realised oil, and a return toward the $64 realised in the same quarter of 2025 would compress cash flow sharply against a raised capital budget.

Pick DVN if you believe its drivers more; MTDR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DVN and MTDR guides.

DVN. Figures are approximate and tied to the asOf date; verify live numbers before acting, especially since the Coterra merger recently reshaped the combined company's scale. For a commodity producer, a low P/E can mislead because it may reflect high-price-cycle earnings that will not repeat if oil and gas prices fall. Free cash flow, breakeven cost per barrel, and the sustainability of the variable dividend are more useful lenses than a trailing earnings multiple.

MTDR. The single-digit trailing multiple and ~1.1x price-to-book are typical of US shale producers, which the market prices on reserve life and commodity assumptions rather than on reported earnings. Netting ~$26 million of cash against ~$4.2 billion of long-term debt gives an enterprise value near $11 billion, roughly four times trailing operating cash flow of ~$2.6 billion. Reported figures also swing with mark-to-market derivative results, which is why the first quarter of 2026 showed a small GAAP net loss while adjusted net income stayed positive at ~$189.5 million.

Headline figures (approximate, Jul 2026): DVN shows 2026 production guidance roughly 1.4 million barrels of oil equivalent per day (combined), including ~500,000 barrels of oil per day, 2026 capital spending ~$4.9 billion, with more than 60% directed to the Permian and roughly 31 rigs, shareholder returns framework targets returning up to ~70% of free cash flow via dividends and buybacks, coterra merger completed May 7, 2026; combined enterprise value reported around $58 billion; MTDR shows revenue (ttm) ~$3.8B, net income (ttm) ~$724M, diluted eps (ttm) ~$5.83, market cap ~$6.9B.

DVN and MTDR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DVN and MTDR exposure against your real portfolio. It is not an investment adviser.