Jim Cramer’s Lightning Round: 7 Stocks to Watch

4. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 41

Cramer said to hold off when it comes to Devon Energy Corporation (NYSE:DVN), at least ahead of the Federal Open Market Committee meeting on December 18.

“I don’t know, Rick Muncrief just left it. He built the company. The stock is at its 52-week low, it’s at $33. People expect oil to go down 10 bucks. We heard it from President-elect Trump yesterday. I say to start buying some and I almost put it in the bullpen today for my Charitable Trust in preparation for next Wednesday’s meeting. I’m holding off for now because oil is so weak.”

Devon Energy (NYSE:DVN) is an independent energy company that specializes in the exploration, development, and production of oil, natural gas, and natural gas liquids across the United States. Recently, the company announced that CEO Rick Muncrief, a veteran of the U.S. shale industry, will step down on March 1.

Under Muncrief’s guidance, Devon Energy (NYSE:DVN) saw significant growth in production, reaching a total of 728,000 barrels of oil equivalent per day (BOE/d) in the third quarter, up from 499,000 BOE/d at the end of the first quarter of 2021. Additionally, according to Reuters, the incoming team of President Donald Trump is already working on an energy package aimed at expanding domestic oil and gas drilling on federal lands, along with offshore lease sales and streamlining LNG export permits.

During an August campaign rally in Asheville, North Carolina, Trump emphasized his commitment to reducing energy prices, vowing to push back against what he described as the “Biden-Harris war on American energy.” He further stated that his administration would focus on drilling and aimed to slash energy prices by half within 12 months, a central part of his plan to control inflation.