Top 15 Commodity Producers With the Highest Upside Potential

4. Devon Energy Corporation (NYSE:DVN)

Analysts’ Upside Potential as of May 01: 40.37%

Devon Energy Corporation (NYSE:DVN) is an oil and gas company that owns land in a number of the best shale plays in the United States. Although the Permian Basin accounts for around two-thirds of its production, the Anadarko, Eagle Ford, and Bakken basins each produce a significant amount of it. The firm’s net proved reserves were 2.2 billion barrels of oil equivalent as of the end of 2024. In 2024, net production averaged around 848,000 barrels of oil equivalent per day, with 73% oil and gas liquids and 27% natural gas. It is among the Best Commodity Stocks.

In Q4 2024, Devon Energy Corporation (NYSE:DVN) exceeded projections with an adjusted EPS of $1.16, which was more than the $1 estimate. The company’s revenue also surpassed projections by $155.3 million, rising 6.22% year over year to $4.4 billion. The Williston Basin business, which the oil and gas company purchased from Grayson Mill Energy in a $5 billion agreement, saw its output soar 28% YoY to 848,000 boe/d during the quarter, which was the main driver of the strong performance.

Devon Energy Corporation (NYSE:DVN) generated $3 billion in free cash flow in 2024 and maintains a solid balance sheet despite the acquisition. The company just increased its quarterly dividend by 9.1% to $0.24 per share and gave $2 billion back to its shareholders. By 2025, DVN expects to generate free cash flow at current strip pricing and pay out up to 70% of the cash return to shareholders.