1. Devon Energy Corporation (NYSE:DVN)
Cooperman’s Stake Value: $91,075,000
Percentage of Leon Cooperman’s 13F Portfolio: 5.11%
Number of Hedge Fund Holders: 50
Devon Energy Corporation (NYSE:DVN) is an independent energy company that primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation (NYSE:DVN) was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
This July, Piper Sandler analyst Mark Lear raised his price target on Devon Energy Corporation (NYSE:DVN) to $37 from $34 and kept an Overweight rating on the shares. The exploration and production group has come under pressure since the start of the third quarter on concerns the post-pandemic recovery “could potentially hit a snag,” but the “de-rate presents another attractive entry opportunity,” Lear told investors in a research note.
According to Leon Cooperman’s latest 13F portfolio, the billionaire owns over 3.12 million shares in Devon Energy Corporation (NYSE:DVN) that are worth more than $91 million. The investment covers an impressive 5.11% of Mr. Cooperman’s investment portfolio.
As of the second quarter of 2021, Devon Energy Corporation (NYSE:DVN) reported earnings per share of $0.60, beating estimates by $0.07. The company generated revenues of $2.42 billion, a 513.45% year-over-year increase, and beat estimates by $367.95 million. Devon Energy Corporation (NYSE:DVN) has gained 40% over the past six months, and 88.72% year to date.
By the end of the second quarter of 2021, 50 hedge funds out of the 873 tracked by Insider Monkey held stakes in Devon Energy Corporation (NYSE:DVN) worth over $1 billion. This is compared to 52 hedge funds in the previous quarter with a total stake value of approximately $1.46 billion.
GoodHaven Capital Management, a concentrated portfolio investment management firm, published its fourth-quarter 2020 investor letter, in which the firm mentioned Devon Energy Corporation (NYSE:DVN). Here’s their verdict:
“After a rough start to the year our two biggest energy holdings – WPX Energy rebounded materially in the last six months though energy was still our biggest detractor for the year. I’ve previously written about deciding earlier this year to direct new capital towards better businesses versus adding more to the energy sector, but given the material optionality at WPX, we opted to maintain a material exposure. Recently WPX announced an all stock merger with a larger competitor – Devon Energy – which will leave the new company with plenty of cash flow at lower oil prices, less leverage, and material upside to higher commodity prices.”
See also 10 Best Cheap Oil Stocks to Buy in 2021 and 10 Best Oil Stocks that Pay Dividends
