15 Small-Cap Energy Stocks Hedge Funds Are Buying

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5. Devon Energy Corp. (NYSE:DVN)

Market Capitalization as of April 25: $20.35 billion

Number of Hedge Fund Holders: 55

Devon Energy Corp. (NYSE:DVN) explores, develops, and produces oil, natural gas, and natural gas liquids. It operates in the Delaware Basin located in southeast New Mexico and west Texas, Eagle Ford located in North America, Anadarko Basin located in western Oklahoma, Williston Basin located in North Dakota, and Powder River Basin located in Wyoming.

In Q4 2024, Devon’s oil production reached an all-time high of 398,000 barrels per day, which was driven by its Eagle Ford wells. The company also finalized an agreement with BPX to dissolve its partnership in the Blackhawk field, which consolidates Devon’s control over ~46,000 net acres in DeWitt County. The Eagle Ford asset holds about 550 of the company’s 700 remaining undrilled locations. Devon’s overall oil and gas production hit 848,000 BOE per day in Q4.

The total company revenue came in at $4.4 billion, which was up 6.22% year-over-year. and above estimates by over $155.3 million. The company’s adjusted EPS of $1.16 also topped expectations by $0.16. The 2025 production outlook for Eagle Ford is projected to be 383,000 BOE per day, while the overall company target stands at 815,000 BOE per day. On February 19, Mizuho Securities raised Devon’s price target to $49 from $47 while keeping an Outperform rating.

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