5 Best Gas Stocks To Buy Now

In this article, we discuss the 5 best gas stocks to buy now. If you want to read our detailed analysis of the gas industry, go directly to the 10 Best Gas Stocks To Buy Now.

5. Devon Energy Corporation (NYSE:DVN) 

Number of Hedge Fund Holders: 50

Devon Energy Corporation (NYSE:DVN) is an American energy, oil, and natural gas corporation focused on hydrocarbon exploration. Devon Energy Corporation (NYSE:DVN)’s operational plants are located in the Delaware Basin, Eagle Ford, Anadarko Basin, Powder River Basin and Williston Basin.

Piper Sandler analyst Mark Lear kept an Overweight rating on Devon Energy Corporation (NYSE:DVN) on October 21, with a $54 price target, up from $38. The analyst stated that the gas industry is set to reduce capex and execute maintenance budgets in 2022, which would bring back the investors to the sectors after higher than expected commodity prices. 

Jonathan Dawson’s Southport Management is the leading stakeholder in Devon Energy Corporation (NYSE:DVN), with stakes worth $1.2 billion. Overall, 50 hedge funds were long Devon Energy Corporation (NYSE:DVN) at the end of June, down from 52 in Q1. 

Here is what GoodHaven Capital Management has to say about Devon Energy Corporation in their Q4 2020 investor letter:

“After a rough start to the year our two biggest energy holdings – WPX Energy rebounded materially in the last six months though energy was still our biggest detractor for the year. I’ve previously written about deciding earlier this year to direct new capital towards better businesses versus adding more to the energy sector, but given the material optionality at WPX, we opted to maintain a material exposure. Recently WPX announced an all stock merger with a larger competitor – Devon Energy – which will leave the new company with plenty of cash flow at lower oil prices, less leverage, and material upside to higher commodity prices.”