5 Best Fuel Stocks to Buy Now

In this article, we will take a look at the 5 best fuel stocks to buy now. To read our analysis of the recent industry trends, and market activity, you can go to the 10 Best Fuel Stocks to Buy Now.

5. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 57

Devon Energy Corporation (NYSE:DVN) is a leading oil and gas producer based in Oklahoma with a multi-basin portfolio underpinned by world-class Delaware Basin position.

On September 28, Devon Energy Corporation (NYSE:DVN) completed its previously announced bolt-on acquisition of Validus Energy, an Eagle Ford operator, for a total cash consideration of $1.8 billion. The acquisition adds 42,000 net acres of premier acreage position to the portfolio with current production of approximately 35,000 barrels of oil equivalent per day.

In August, the board of directors of Devon Energy Corporation (NYSE:DVN) declared a total dividend of $1.55 per share for the second quarter. Its shares currently have a dividend yield of 6.48%, significantly higher than the average dividend yield of the S&P 500 index.

On October 21, Citi analyst Scott Gruber raised the price target on Devon Energy Corporation (NYSE:DVN) shares to $80 from $77 and maintained a ‘Buy’ rating for the shares.

As of Q2 2022, 57 of the 895 hedge funds tracked by Insider Monkey owned shares of Devon Energy Corporation (NYSE:DVN), valued at $1.7 billion. Its largest shareholder was Rajiv Jain’s GQG Partners with ownership of 14.9 million shares valued at $822 million.