5 Best Energy Stocks for Inflation

3. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based energy firm that engages in the exploration and production of oil, natural gas, and natural gas liquids in the United States. On July 22, Piper Sandler analyst Mark Lear maintained an Overweight rating on Devon Energy Corporation (NYSE:DVN) and lowered the price target on the shares to $94 from $97. The analyst said that while the last six weeks have been volatile in energy with recession threats and cost inflation challenging the group, the setup is “broadly favorable” for the energy group heading into Q2 earnings. Similarly, Truist analyst Neal Dingmann on July 19 raised the price target on the stock to $115 from $103 and kept a Buy rating on the shares as part of a broader note previewing Q2 results in the exploration and production space. 

According to Insider Monkey’s Q1 data, 66 hedge funds were bullish on Devon Energy Corporation (NYSE:DVN), up from 51 funds in the earlier quarter. Ken Fisher’s Fisher Asset Management is a prominent stakeholder of the company, with 4.2 million shares worth $249.3 million.