CCM Investment Group LLC Makes New $2.32 Million Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• CCM Investment Group LLC recently acquired 63,128 shares of Devon Energy Corporation for approximately $2.32 million, marking a notable investment during the first quarter.
• Devon Energy's stock price increased by 2.7%, with a current market cap of $21.11 billion, and the company reported a quarterly revenue of $4.28 billion, surpassing analyst expectations.
• The company declared a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, and an expected earnings per share of 4.85 for the current year.

CCM Investment Group LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 63,128 shares of the energy company's stock, valued at approximately $2,321,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the 1st quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the first quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its holdings in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares in the last quarter. Accredited Wealth Management LLC acquired a new stake in Devon Energy during the fourth quarter valued at approximately $28,000. Finally, Hughes Financial Services LLC acquired a new stake in Devon Energy during the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on DVN. Bernstein Bank decreased their price objective on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Jefferies Financial Group raised their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.93.

Devon Energy Trading Up 0.7%

Shares of NYSE:DVN traded up $0.24 during mid-day trading on Thursday, reaching $33.86. The stock had a trading volume of 2,972,642 shares, compared to its average volume of 9,044,180. The firm has a market cap of $21.49 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 1.89 and a beta of 1.07. The firm has a 50 day simple moving average of $33.17 and a two-hundred day simple moving average of $33.18. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm earned $1.41 EPS. Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. Devon Energy's payout ratio is currently 21.52%.

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.