5 Ridiculously Cheap Stocks to Buy Now and Hold for the Long Term

In this article, we discuss the 5 ridiculously cheap stocks to buy now and hold for the long term. To read the detailed analysis of current market conditions, go directly to the 12 Ridiculously Cheap Stocks to Buy Now and Hold for the Long Term.

5. Devon Energy Corporation (NYSE:DVN)

PE Ratio as of April 12: 9.16

Revenue Growth (5-year): 32.26%

Number of Hedge Fund Holders: 50

Devon Energy Corporation (NYSE:DVN) is an oil and gas producer, and its operations are mainly concentrated in the Delaware Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and Williston Basin. The company has seen a revenue growth of 32.26% over the last five years.

As of April 12, Devon Energy Corporation (NYSE:DVN) has a PE ratio of 9.16. On April 8, JPMorgan analyst Arun Jayaram raised the price target on Devon Energy Corporation (NYSE:DVN) to $62 from $57 and kept an Overweight rating. Talking about a few important initiatives of the company, the analyst mentioned that the company is well ahead of schedule to bring about a recovery in its capital efficiency and stock price.

50 hedge funds held stakes in Devon Energy Corporation (NYSE:DVN) in the fourth quarter of 2023, with positions worth $1.36 billion. D E Shaw is the most significant shareholder in the company, as of December 31, 2023. The firm increased its stake in the company by 135% to 5.078 million shares worth $230.032 million.