5 Energy Stocks To Buy On the OPEC Production Cuts

3. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 57

Devon Energy Corporation (NYSE:DVN) explores, develops, and sells oil, natural gas, and natural gas liquids. The firm is headquartered in Oklahoma City, Oklahoma, the United States.

Devon Energy Corporation (NYSE:DVN) is one of the largest oil companies in America, when measuring market capitalization. The firm was worth $49 billion in October 2022. It is also one of the largest in terms of output, as it churned out 616,000 boepd in its second quarter, with roughly half coming through oil. Additionally, the firm massively benefits from even moderately high WTI prices, as its latest breakeven price stands at $60 per barrel. Currently, WTI is priced at $85 per barrel.

The low breakeven price also makes Devon Energy Corporation (NYSE:DVN) a great stock for a recession. The firm’s shares have rallied by 63% year to date and it pays a $1.16 dividend for a 6.27% yield. Insider Monkey’s Q2 2022 study that covered 895 hedge funds outlined that 57 had owned a stake in Devon Energy Corporation (NYSE:DVN).

Rajiv Jain’s GQG Partners is Devon Energy Corporation (NYSE:DVN)’s largest investor. It owns 14.9 million shares that are worth $822 million.