Alden Global’s Top 5 Stock Picks

1. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 50     

Truist analyst Neal Dingmann recently raised the price target on Devon Energy Corporation (NYSE:DVN) stock to $52 from $42 and reiterated a Buy rating, noting that consensus estimates “continue to trend below rising spot and forward prices” in the oil sector. The energy firm will likely increase free cash flow in the coming months as oil prices touch new highs and OPEC+ remains mum on large-scale production increases. 

Alden Global Capital owned more than 302,820 shares in Devon Energy Corporation (NYSE:DVN) worth $8.8 million at the end of June 2021, representing 17.74% of the portfolio of the fund. 

Among the hedge funds being tracked by Insider Monkey, Wyoming-based investment firm Adage Capital Management is a leading shareholder in Devon Energy Corporation (NYSE:DVN) with 7.5 million shares worth more than $219 million. 

In its Q4 2020 investor letter, GoodHaven Capital Management, an asset management firm, highlighted a few stocks and Devon Energy Corporation (NYSE:DVN) was one of them. 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.”

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