In this article, we discuss the 5 LNG shipping stocks to buy now. If you want to read about some LNG shipping stocks, go directly to 10 LNG Shipping Stocks to Buy Now.
5. Devon Energy Corporation (NYSE:DVN)
Number of Hedge Fund Holders: 51
Devon Energy Corporation (NYSE:DVN) is an independent energy company. It is based in Oklahoma and is involved in the exploration, production, and transportation of oil, natural gas, and natural gas liquids. The firm operates 5,134 gross wells. The company increased its free cash flows by 300% in the previous fiscal year, increasing dividends by 45%, and also expanding a share repurchase program by 60% as it profits from the rising energy prices due to global supply and demand problems.
On April 7, Piper Sandler analyst Mark Lear kept an Overweight rating on Devon Energy Corporation (NYSE:DVN) stock and raised the price target to $80 from $67, noting that the US was one of the few places that could deliver “long-term supply growth” given that Russian energy exports were off the market.
Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Devon Energy Corporation (NYSE:DVN) with 14.5 million shares worth more than $638 million.
“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.”