10 Best Energy Stocks To Buy According to Hedge Funds

8. Devon Energy Corporation (NYSE:DVN)  

Number of Hedge Fund Investors: 52  

Devon Energy Corporation (NYSE:DVN) is an independent oil and natural gas exploration and production company headquartered in the United States. The company primarily operates in North America and focuses on high-quality oil and gas resources.

On September 27, Devon Energy Corporation (NYSE:DVN) finalized the acquisition of Grayson Mill for $5 billion. This strategic move in the Williston Basin will add 307,000 net acres to the company’s portfolio and is expected to contribute 100,000 barrels of oil equivalent per day (BOE/D) to its production in FY 2025. The deal is anticipated to be accretive to earnings and is scheduled to close by the end of the third quarter. Commenting on the event Rick Muncrief, President and CEO of Devon Energy Corporation (NYSE:DVN) said:

“We are excited to announce the completion of our acquisition of Grayson Mill Energy. This strategic transaction is an excellent fit for Devon, enabling us to efficiently expand our operating scale and production,”

In Q2, Devon Energy Corporation reported revenues of $3.9 billion, an 8.9% increase from the previous quarter, with a net income of $844 million and earnings per share (EPS) of $1.41. The company has also raised its stock buyback authorization to $5 billion, an increase of 67%, enhancing its appeal as a capital return investment.