Louis Navellier is Buying These 5 Energy Stocks in 2022

4. Devon Energy Corporation (NYSE:DVN)

Value of Navellier & Associates‘ 13F Position: $5.81 million

Number of Hedge Fund Shareholders (as of March 31): 66

Devon Energy Corporation (NYSE:DVN) is yet another energy stock that Louis Navellier was investing money into during Q1, building a new stake in the company that contained 98,333 shares. There was a 27% surge in hedge fund ownership of DVN during the first quarter.

Devon Energy Corporation (NYSE:DVN) made a move that’s been widely praised by investors when it acquired RimRock Oil and Gas’s leasehold interest and related assets in North Dakota’s Williston Basin for $865 million. It’s estimated that the deal will deliver a free cash flow yield of more than 25% over the next year at expected oil prices.

Devon Energy Corporation (NYSE:DVN) maintains one of the best balance sheets in the industry even following that cash transaction, and is also poised to return plenty of money to shareholders in the coming quarters through its fixed-plus variable dividend program. Its latest payments equated to an annualized dividend yield of 6.5%.