Why Devon Energy Corporation (DVN) Went Up On Wednesday?

We recently published a list of 10 Stocks Stand Strong Amid Cautious Market Environment. In this article, we are going to take a look at where Qorvo Inc. (NASDAQ:QRVO) stands against stocks that stand strong amid cautious market environment.

The stock market showed resilience on Wednesday, with all major indices ending in the green territory anew, as investors weighed news of President Donald Trump’s imposition of a new round of tariffs while digesting minutes of the Federal Reserve.

The Dow Jones rose by 0.16 percent, the S&P 500 increased by 0.24 percent, while the tech-heavy Nasdaq eked out a 0.07 percent gain.

Despite the news, ten companies managed to stand out, posting modest gains during the trading session.

To come up with Wednesday’s top performers, we considered only the stocks with more than $1.9 billion in market capitalization and $5 million in daily trading volume.

Note that some stocks we have covered in-depth over the past few days have been excluded from this list.

A group of technicians in hazmat suits inspecting a natural gas storage tank.

Devon Energy Corporation (NYSE:DVN)

Shares of Devon Energy Corporation (NYSE:DVN) rallied for a fourth straight day on Wednesday, adding 7.71 percent to close at $37.57 apiece as investor sentiment was fueled by better-than-expected earnings performance last year.

During the fourth quarter, DVN achieved earnings per share (EPS) of $1.16, on core earnings of $756 million, higher by 16 percent than the $1 as expected by analysts. For full-year 2024, EPS stood at $4.82 on core earnings of $3.1 billion.

DVN owed its strong performance to solid results from its diversified, multi-basin portfolio and record-breaking oil production of 398,000 barrels per day which exceeded guidance by 3 percent.

Total companywide production for the quarter averaged 848,000 oil-equivalent barrels per day, representing a 16-percent jump from the previous quarter.

DVN is set to transition to a new leadership come March 1, with the appointment of Clay Gaspar as the new president and CEO, replacing Rick Muncrief who is set to retire.

Overall, DVN ranks 10th on our list of stocks that stand strong amid cautious market environment. While we acknowledge the potential of DVN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than DVN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.