Hedge Funds Are Buying These 5 Energy Stocks

In this article, we discuss the 5 energy stocks hedge funds are buying. In order to read our detailed analysis of the energy sector, go directly to Hedge Funds Are Buying These 10 Energy Stocks.

5. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) is an energy company which owns and operates a range of oil and natural gas properties across the United States. The firm ranked among the top two stock performers in the S&P500 during the month of May 2022, with the company stock rising approximately 28.8% during the month. As of June 2, it has surged 67.46% in the year to date.

For Q1 2022, Devon Energy Corporation (NYSE:DVN) posted EPS of $1.88, beating estimates by $0.12. Revenue for the quarter was recorded at $3.81 billion, above analysts’ predictions by $215.9 million and signaling a 116.4% growth in comparison to the same period over last year.

On May 9, Raymond James analyst John Freeman raised the firm’s price target on Devon Energy Corporation (NYSE:DVN) to $90 from $85 and maintained a ‘Strong Buy’ rating on the shares. It features as one of Freeman’s top picks in the energy and production sector, who sees a strong balance sheet, shareholder-friendly return structure, and a deep drilling inventory making Devon Energy Corporation (NYSE:DVN) well-positioned going forward. The company also offers investors an impressive 6.66% yield as of June 2, and has recorded dividend increases for 4 years in a row.

As of the end of the first quarter, 66 hedge funds owned positions in Devon Energy Corporation (NYSE:DVN) with an aggregate value of $1.92 billion. This shows a positive trend from the previous quarter where 51 hedge funds held $1.74 billion worth of positions in the energy company. Its biggest shareholder in the first quarter was GQG Partners, with 15.03 million shares priced at $888.6 million.