Top 15 Energy Companies With the Highest Upside Potential

10. Devon Energy Corporation (NYSE:DVN)

Upside Potential as of April 28: 37.45%

Devon Energy Corporation (NYSE:DVN) is a leading independent energy company engaged in finding and producing oil and natural gas, with operations focused onshore in the United States.

Devon Energy Corporation (NYSE:DVN) topped forecasts in Q4 2024 as its adjusted EPS of $1.16 was above expectations of $1. The company’s revenue also increased by 6.22% YoY to reach $4.4 billion, beating estimates by $155.3 million. The strong performance was primarily a result of Devon’s production jumping 28% YoY to 848,000 boe/d during the quarter, aided by the contribution from the Williston Basin business, which the oil and gas company acquired from Grayson Mill Energy in a $5 billion deal.

Despite the acquisition, Devon Energy Corporation (NYSE:DVN) maintains a strong balance sheet, generating $3 billion in free cash flow in 2024. The company returned $2 billion of it to its shareholders and recently raised its quarterly dividend by 9.1% to $0.24 per share. For 2025, DVN is targeting up to a 70% cash return payout to shareholders from generated free cash flow at current strip pricing.

With a current dividend yield of almost 4%, Devon Energy Corporation (NYSE:DVN) is placed among the 12 Best Oil and Gas Dividend Stocks According to Billionaires.