Investment management company GoodHaven Capital Management released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the first half of the year 2022, the fund outperformed the S&P 500 index declining by 3.86% compared to a 8.85% drop for the S&P 500 Index. The fund has been performing well over the last 2 semi-annual fiscal years. You can check the top 5 holdings of the fund to know its best picks in 2022.
GoodHaven Capital Management discussed stocks like Devon Energy Corporation (NYSE:DVN) in the second quarter investor letter. Headquartered in Oklahoma City, Oklahoma, Devon Energy Corporation (NYSE:DVN) is an energy company that deals with crude oil, natural gas, and natural gas liquids. On August 25, 2022, Devon Energy Corporation (NYSE:DVN) stock closed at $73.72 per share. One-month return of Devon Energy Corporation (NYSE:DVN) was 17.30% and its shares gained 142.82% of their value over the last 52 weeks. Devon Energy Corporation (NYSE:DVN) has a market capitalization of $48.272 billion.
“Our biggest dollar gainer within this period was Devon Energy Corporation (NYSE:DVN), a position which emanated from a takeover in early 2021 of our long time holding WPX Energy. We are sitting on a material (unrealized) gain from our cost and are now receiving material dividends thanks to Devon’s thoughtful fixed/variable dividend policy. Energy is now a hot sector for investors but we have had a material exposure for a long time. We remember a bit too well $40 oil, NEGATIVELY PRICED front-month oil contract, and what it’s like to own a company with leverage and negative free cash flow during such periods. Our desire to have our biggest portfolio exposures be high return, growing, reasonably predictable and moderately levered companies lead us to reduce our Devon exposure in the past. When the recent facts and circumstances for the industry changed and appeared supportive of healthy oil prices, we decided to maintain a sizable holding and more recently added to the position. At Devon’s Q1 dividend rate, which is mostly variable in nature, the shares now yield approximately 10% and our yield on our average cost is materially higher. In addition, we maintain additional energy exposure through our long-term (and successful) holding in Hess Midstream and less directly through TerraVest and Berkshire Hathaway’s energy investments.”
Devon Energy Corporation (NYSE:DVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Devon Energy Corporation (NYSE:DVN) at the end of the first quarter which was 66 in the previous quarter.
We discussed Devon Energy Corporation (NYSE:DVN) in another article and shared the list of multi-bagger stocks to buy in August. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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