Investors are Buying These 5 Stocks as New Survey Shows “Dire” Pessimism

4. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based hydrocarbon exploration company. On August 1, Devon Energy Corporation (NYSE:DVN) posted a Q2 non-GAAP EPS of $2.59, beating estimates by $0.22. The revenue of $5.63 billion climbed 132.6% year over year and exceeded Wall Street consensus by $880 million. The company lifted its FY2022 production forecast by 3% to a range of 600,000 to 610,000 Boe per day. Similarly, it adjusted its upstream capital guidance to a range of $2.2 billion to $2.4 billion, compared to the earlier guidance of approximately $2.1 billion.

On August 1, Devon Energy Corporation (NYSE:DVN) declared a $1.55 per share quarterly dividend, a 22% increase from its prior dividend of $1.27. The dividend is payable on September 30, to shareholders of record on September 12. This dividend includes a fixed plus variable component. 

Piper Sandler analyst Mark Lear on July 22 reaffirmed an Overweight rating on Devon Energy Corporation (NYSE:DVN) and lowered the price target on the shares to $94 from $97. The analyst observed that recession fears and cost inflation have caused volatility in the energy group, but with the sector “de-rating faster than the pullback in crude,” the setup is “broadly favorable” for exploration and production companies heading into Q2 earnings.

Among the hedge funds tracked by Insider Monkey, Rajiv Jain’s GQG Partners held the biggest stake in Devon Energy Corporation (NYSE:DVN) as of Q1 2022, comprising 15 million shares worth $888.5 million. Overall, 66 hedge funds were long Devon Energy Corporation (NYSE:DVN) at the end of March 2022.