5 Best Commodity Stocks To Buy According to Hedge Funds

3. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 55

Devon Energy Corporation (NYSE:DVN) is an oil and gas exploration and production company. It is based on Oklahoma City, Oklahoma.

Mizuho’s Nitin Kumar holds a Buy rating on Devon Energy Corporation (NYSE:DVN) shares as of March 10.

In the fourth quarter, Devon Energy Corporation (NYSE:DVN) noted that its cash balances increased by $144 million year-over-year, reaching about $1.5 billion. This resulted in the company ending the quarter with a net debt-to-EBITDA ratio of 0.5x, which indicates its strong investment-grade financial position.

Devon Energy Corporation (NYSE:DVN) was found among the 13F holdings of 55 hedge funds in the fourth quarter, with a total stake value of $823 million.

Follow Devon Energy Corp (NYSE:DVN)