Leon Cooperman’s Performance in 2021: 5 Best Stock Picks

1. Devon Energy Corporation (NYSE:DVN)

Omega Advisors’ Stake Value: $110,794,000

Percentage of Omega Advisors’ 13F Portfolio: 5.87%

Number of Hedge Fund Holders: 48

Gain in 2021: 170.73%

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based energy company that specializes in the exploration and production of oil, natural gas, and natural gas liquids in the United States. Devon Energy Corporation (NYSE:DVN) is the top performing stock pick of Leon Cooperman from the third quarter of 2021, with the shares gaining approximately 171% in 2021.

Cooperman acquired a position in Devon Energy Corporation (NYSE:DVN) in Q1 2021, buying 3.12 million shares of the company. As of the third quarter, Cooperman’s stake in Devon Energy Corporation (NYSE:DVN) is valued at $110.7 million, representing 5.87% of the billionaire’s Q3 securities. 

On December 8, Devon Energy Corporation (NYSE:DVN) declared a $0.84 per share quarterly dividend, which is a 71.4% increase from its prior dividend of $0.49. The dividend was paid on December 30, to shareholders of record on December 10. 

Goldman Sachs analyst Neil Mehta on January 22 downgraded Devon Energy Corporation (NYSE:DVN) to Neutral from Buy with a price target of $52, up from $46. The analyst cites valuation for the downgrade, following the stock’s relative and absolute outperformance in 2021. He now sees limited upside to Devon Energy Corporation (NYSE:DVN) shares relative to peers.

Among the hedge funds tracked by Insider Monkey in Q3 2021, Rajiv Jain’s GQG Partners is the biggest Devon Energy Corporation (NYSE:DVN) shareholder, with 13.9 million shares worth approximately $494 million. Overall, 48 hedge funds were long Devon Energy Corporation (NYSE:DVN) in the third quarter. 

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 Warren Buffett’s 5 Worst Performing Stock Picks From 2021 and 10 Jim Cramer Stocks to Buy in January. 

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