5 Stocks that Doubled in 2021

3. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 50    

Year-To-Date Gain: 166% 

Devon Energy Corporation (NYSE:DVN) is one of the energy stocks that have benefited massively from the recent increase in oil prices. The company, which had been in gradual recovery mode after the lows of 2020, was also given a boost after it hiked fixed-plus-variable dividend by 71% and beat market predictions on earnings for the third quarter. Analysts have forecast that oil firms will outperform the benchmark S&P 500 in the coming months. 

Devon Energy Corporation (NYSE:DVN) was one of the firms exploring the acquisition of the Permian Basin oil fields owned by Shell, according to news publication Bloomberg. However, rival ConocoPhillips purchased them for close to $10 billion at the end of September this year.  

Among the hedge funds being tracked by Insider Monkey, Wyoming-based investment firm Adage Capital Management is a leading shareholder in Devon Energy Corporation (NYSE:DVN) with 7.5 million shares worth more than $219 million. 

In its Q4 2020 investor letter, GoodHaven Capital Management, an asset management firm, highlighted a few stocks and Devon Energy Corporation (NYSE:DVN) was one of them. Here is what the fund said:

“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.”