10 Best Commodity Stocks to Buy in 2026

6. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 58

With significant hedge fund interest and analyst support (37.1% upside), Devon Energy Corporation (NYSE:DVN) ranks among the best commodity stocks to buy in 2026.

According to Mizuho, Devon Energy Corporation (NYSE:DVN) is well supported by the current backdrop of prolonged supply disruption, rising price forecasts, and discounted U.S. producer valuations.

On May 27, 2026, Mizuho analyst Nitin Kumar raised the firm’s price target on Devon Energy Corporation (NYSE:DVN) to $68 from $62 and kept an “Outperform” rating. The firm expects the impact of the Iran crisis on global oil prices and refining cracks to be prolonged, lifting its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while raising its U.S. refining crack forecast by 61% and 51%. Kumar argued that a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to find alpha in U.S. oil and gas.

Broader analyst sentiment also positions Devon Energy Corporation (NYSE:DVN) similarly.

A Reuters poll of 33 economists and analysts published May 29, 2026, showed that 2026 oil price forecasts have been raised for the third time since the Iran war began in late February. Brent crude is now projected to average $90.44 per barrel this year, up from $86.38 last month, while U.S. crude is seen at $84.63, up from $80.07.

Both benchmarks have hit four-year highs above $126 and $119, respectively, as the closure of the Strait of Hormuz has cut Middle East crude exports from roughly 18.3 million barrels per day before the crisis to nearly 8.8 million bpd since March.

Analysts polled see a large global supply deficit in 2026, with estimates ranging from 500,000 to 8 million bpd.

Devon Energy Corporation (NYSE:DVN) is a U.S. oil and gas producer with a diversified multi-basin portfolio. Its operations are anchored by a significant acreage position in the Delaware Basin.

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