Billionaire Leon Cooperman’s 2022 Portfolio: Top 5 Stock Picks

4. Devon Energy Corporation (NYSE:DVN)

Omega Advisors’ Stake Value: $119 million

Percentage of Omega Advisors’ 13F Portfolio: 6.02%

Number of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) is an American oil and gas company headquartered in Oklahoma City, Oklahoma. The firm explores and produces oil and natural gas and it has more than 5,000 wells.

In light of the recent surge in profits for U.S. energy companies, Devon Energy Corporation (NYSE:DVN) acquired more acreage and assets to its portfolio in June 2022, by paying $865 million. The company is currently the target of bullish sentiment on Wall Street, with several analysts having raised its price target. For instance, Barclays raised its price target to $90 from $73 in June 2022, outlining that high oil price forecasts will bode well for the company.

Mr. Cooperman’s Q1 stake in Devon Energy Corporation (NYSE:DVN) saw the investor owning 2.7 million shares for a $119 million investment. Insider Monkey took a look at 912 hedge fund portfolios for this year’s first quarter and found out that 66 had also bought the company’s shares.

Rajiv Jain’s GQG Partners is Devon Energy Corporation (NYSE:DVN)’s largest investor. It owns 15 million shares that are worth $888 million.