Was Robert Bishop’s Impala Asset Management Right About These 5 Stocks?

3. Devon Energy Corporation (NYSE:DVN)

Impala Asset Management’s Stake Value: $84.2M

Stock performance over the past 12 months through November 27: +55%

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based energy company engaged in hydrocarbon exploration in the United States.

On November 30, Mizuho analyst Silvio Micheloto raised the price target on Devon Energy Corporation (NYSE:DVN) to $61 from $59 and maintained a Buy rating on the shares of the company.

GoodHaven Capital Management, in its fourth-quarter 2020 investor letter, mentioned Devon Energy Corporation (NYSE:DVN). Here is what the fund said:

“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.”