5 Favorite Stocks of Billionaire Leon Cooperman

4. Devon Energy Corporation (NYSE:DVN)

Omega Advisors’ Stake Value: $119,881,000

Percentage of Omega Advisors’ 13F Portfolio: 6.02%

Number of Hedge Fund Holders: 51

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based energy company that produces and distributes oil, natural gas, and natural gas liquids in the United States. Leon Cooperman owns over 1 million shares of Devon Energy Corporation (NYSE:DVN) as per the 13F filings from Q4 2021, worth $119.8 million, representing 6.02% of the total securities. 

Devon Energy Corporation (NYSE:DVN)’s year-end revenue for 2021 came in at $13.1 billion, compared to $4.5 billion in the preceding year. The 2021 net income of $2.8 billion rebounded sharply from the $2.6 billion net loss in the last year. 

On February 15, Devon Energy Corporation (NYSE:DVN) declared a $1.00 per share quarterly dividend. The dividend was distributed on March 31, to shareholders of the company as of March 14. Devon Energy Corporation (NYSE:DVN)’s dividend yield on April 18 stood at 6.30%.

Piper Sandler analyst Mark Lear on April 7 reiterated an Overweight rating on Devon Energy Corporation (NYSE:DVN) and raised the firm’s price target on the stock to $80 from $67. With Russian oil and product exports off the market, Piper’s Energy Macro team sees the United States with suppliers who have the capacity to deliver in the long-term, the analyst told investors in a research note. 

Among the hedge funds tracked by Insider Monkey, 51 funds held long positions in Devon Energy Corporation (NYSE:DVN) at the end of December 2021, up from 48 funds in the previous quarter. Rajiv Jain’s GQG Partners is the biggest stakeholder of the company, with 14.5 million shares worth close to $639 million.

Here is what GoodHaven Capital Management has to say about Devon Energy Corporation (NYSE:DVN) in their Q4 2020 investor letter:

“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.”