Here’s Why Devon Energy Corp (DVN) is Trading Higher Today

As aggregate interest increased, key hedge funds have jumped into Devon Energy Corp (NYSE:DVN) headfirst. Zimmer Partners, managed by Stuart J. Zimmer, initiated the most outsized position in Devon Energy Corp (NYSE:DVN). Zimmer Partners had $82.3 million invested in the company at the end of the first quarter. Jim Simons’ Renaissance Technologies also initiated a $45.6 million position during the quarter. The following funds were also among the new DVN investors: Till Bechtolsheimer’s Arosa Capital Management, Mark Kingdon’s Kingdon Capital, and Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Devon Energy Corp (NYSE:DVN) but similarly valued. These stocks are Citrix Systems, Inc. (NASDAQ:CTXS), Tractor Supply Company (NASDAQ:TSCO), Rockwell Collins, Inc. (NYSE:COL), and Williams Companies, Inc. (NYSE:WMB). This group of stocks’ market valuations match DVN’s market valuation.

As you can see these stocks had an average of 34.5 hedge funds with bullish positions and the average amount invested in these stocks was $1071 million. That figure was $1414 million in DVN’s case. Williams Companies, Inc. (NYSE:WMB) is the most popular stock in this table. On the other hand Rockwell Collins, Inc. (NYSE:COL) is the least popular one with only 18 bullish hedge fund positions. Compared to these stocks Devon Energy Corp (NYSE:DVN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None