Insiders and Executives are Selling These 5 Oil Stocks

1. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 51

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based company that explores and produces oil, natural gas, and natural gas liquids in the United States. Devon Energy Corporation (NYSE:DVN) is one of the favorite oil stocks on Wall Street. In Q4 2021, 51 hedge funds were long Devon Energy Corporation (NYSE:DVN), up from 48 funds in the prior quarter, with GQG Partners as the largest shareholder of the company. 

From March 1 to March 11, Devon Energy Corporation (NYSE:DVN)’s insiders had sold 121,482 shares of the company, and the sellers were Tana Cashion, executive vice president of human resources and administration, Jeremy Humphers, the senior vice president and chief accounting officer, and Jeff Ritenour, the chief financial officer. Cashion sold her shares at a price of $58.41 a piece, whereas Humphers made two transactions to discard shares, priced at $59.42 and $62.40. Ritenour sold 55,000 shares on March 11, priced at $58.35 per share. 

On March 2, Benchmark analyst Subash Chandra downgraded Devon Energy Corporation (NYSE:DVN) to Hold from Buy, removing his prior price target of $48, suggesting that he sees “substantially higher” total return potential in some other small-to-mid cap and natural gas names. 

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.”

You can also take a look at 10 Nuclear Energy Stocks to Buy Now and Top 10 Stocks Billionaire Seth Klarman is Selling Off.

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