5 Energy Stocks to Watch

4. Devon Energy Corporation (NYSE:DVN)

Number Of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) is an energy company based in Oklahoma. The core business of the company is the exploration, development, and production of oil and hydrocarbon in the United States. As of 2022, the company has $1.6 billion barrels of oil equivalent reserves, 44% of which is petroleum and 29% is natural gas.

On July 19, Truist analyst Neal Dingmann raised the price target on Devon Energy Corporation (NYSE:DVN) to $115 from $103 and maintained a Buy rating on the shares as part of a broader research note previewing Q2 results in the E&P space. The recent downturn in commodities has taken some of the wind out of the group’s sails, but the tailwind “breeze remains brisk” as oil prices are currently at levels not seen since 2014 and up nearly 40% year-to-date, even though many oil names are nearly flat or down, the analyst tells investors in a research note.

According to Insider Monkey’s Q1 data, 66 hedge funds were long Devon Energy Corporation (NYSE:DVN) in the first quarter of 2022, up from 51 funds in the preceding quarter. The total stakes held in Q1 amounted to $1.92 billion, compared to $1.74 billion in the last quarter. Rajiv Jain’s GQG Partners is the company’s biggest shareholder, with a position worth roughly $888 million.