Devon Energy Corp (DVN)

You need to own the oil refiners going into fall; they are starting to resemble the Micron memory trade of late June.

Traded down since March. You want energy companies with catalysts that will move them higher. You should be looking at nat gas names, all inexpensively priced.

Great natural gas holdings, though he wouldn't buy nat gas after this big run. They're doing a good merger.

They've all had a good bounce, including now. He said today that it might be a good opportunity to take profits in both gold and oil, because this is probably the peak of uncertainty in supply.

You can buy this and sleep at night, unlike tech. Their Q4 guidance is nothing incredible, but DVN has been re-rated. He's riding this with a trailing stop. A trade.

A poor performer, a nightmare, maybe bottoming.

DVN is cheap, and has a decent and growing dividend. The balance sheet is reasonable. Its last quarter was decent. The stock decline seems more connected to the sector and commodity prices than anything company-specific. Devon's 1Q capital spending may rise sequentially, its total daily production could still fall -- driven by the timing of drilling and completion activity -- which should hurt free cash flow. Still, synergies from the Grayson Mill deal might have helped reduce capex in 1Q. Devon's unhedged realized oil price may rise slightly, given crude benchmarks shifted modestly. The company should be relatively exposed to this, with over a quarter of its 1Q daily oil production hedged against WTI volatility. Overall, Devon’s free cash flow may have increased in 1Q. The company’s scale and manageable leverage should give it a buffer if crude benchmarks remain relatively lower in the near term due to the impact of US tariffs and subsequent trade spats. We would be OK holding today, but it will require belief in the sector and some investor patience. 
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They underperformed a lot last year, but have been righting the ship after disappointing quarters. Has deep value, trading at 4x, a 15% free cash flow yield, though worried about inventory depth in the Permian. He must prefers Canadian oil sand companies (solid balance sheet, long inventories, execution, share buybacks).

Is -14% and is not his favourite in energy. Prefers names like EQT.