Leon Cooperman Stock Portfolio: Top 12 Picks

8. Devon Energy Corporation (NYSE:DVN)

Total Number of Shares Owned: 2,200,000

Total Value of Shares Owned: $104,280,000

Number of Hedge Fund Investors: 52

Devon Energy Corporation (NYSE:DVN) reported earnings per share (EPS) of $1.41, surpassing analysts’ estimates of $1.26 by nearly 12%. Additionally, Devon Energy Corporation (NYSE:DVN) generated $3.92 billion in revenue, reflecting a year-over-year growth of 13.4% and exceeding market expectations. A significant driver of this success was the record oil production of 335,000 barrels per day, which exceeded the company’s guidance by 3%, primarily due to strong well productivity in the Delaware Basin.

Moreover, Devon Energy Corporation (NYSE:DVN)’s operational efficiency played a crucial role in its strong financial results. Devon Energy Corporation (NYSE:DVN) achieved reduced cycle times and set new records in drilling and completion, which helped lower costs and maximize profitability. In line with its commitment to shareholder returns, Devon Energy Corporation (NYSE:DVN) expanded its share repurchase program by 67%, raising it to $5 billion, and maintained a competitive dividend that appeals to income-focused investors.

Devon Energy Corporation (NYSE:DVN) also raised its oil production guidance for 2024 by 5%, indicating confidence in its operational capabilities and market conditions. These factors collectively paint a positive picture for investors considering Devon Energy Corporation (NYSE:DVN) as a strong investment opportunity.