10 Cheap Jim Cramer Stocks to Invest In Right Now

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6. Devon Energy Corporation (NYSE:DVN)

Forward P/E: 7.96

Number of Hedge Fund Holders: 58

Devon Energy Corporation (NYSE:DVN) is one of the 10 cheap Jim Cramer stocks to invest in right now.

On June 17, 2026, the Financial Times reported that activist hedge fund Toms Capital Investment Management (TCIM) had built a top-five stake in Devon Energy Corporation (NYSE:DVN). The move follows Devon Energy Corporation’s (NYSE:DVN) recent $50 billion merger with Coterra Energy, which created one of the largest independent oil producers in the Permian Basin. The company is already under pressure from another activist, Kimmeridge Energy Management, to boost operational performance as well as to engage in potential asset sales. TCIM’s entry comes amid a surge in Permian dealmaking attributed to the rising oil prices and speculation of a fresh consolidation wave by energy supermajors.

Separately, on June 15, 2026, Raymond James lowered the price target on Devon Energy Corporation (NYSE:DVN) from $72 to $66 while maintaining a Strong Buy rating on the stock. According to the firm’s analyst, the updated guidance matched estimates, and investors are kept focused on the upcoming portfolio rationalization. It serves as another significant factor capable of shrinking the valuation gap with the competitors.

Jim Cramer acknowledged the position of Devon Energy Corporation (NYSE:DVN) as a major natural gas player in the Lightning Round segment on May 18, 2026.

Devon’s a buy, plain and simple. It’s exactly what you should be buying right here because they have tremendous natural gas, and that’s what we’re great at.

Founded in 1971, Devon Energy Corporation (NYSE:DVN) is a premier independent oil and gas exploration and production company. Based in Oklahoma, the company develops and operates the Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and the Rockies Oil.

While we acknowledge the potential of DVN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DVN and that has 100x upside potential, check out our report about the cheapest AI stock.

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