Is Devon Energy Corp (NYSE: DVN) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failures hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market. It's not surprising that the hedge funds have access to better information and more to the winners in the stock market.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Devon Energy Corp. (NYSE: DVN) Investors should pay attention to the world's most elite money managers in recent months. Our calculations thus showed that DVN is not among the 30 most popular stocks among hedge funds (view the video below). Video: Click the image to watch our video 5 most popular hedge fund stocks."data-reactid =" 12 ">Devon Energy Corp. (NYSE: DVN) Investors should pay attention to the world's most elite money managers in recent months. Our calculations thus showed that DVN is not among the 30 most popular stocks among hedge funds (view the video below). Video: Click the image to watch our video 5 most popular hedge fund stocks.

5 Most Popular Stocks Among Hedge Funds

Hedge funds' reputation as shrewd investors has been tarnished in the past decade as their hedged returns could not keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were able to make out the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). 2006, 2017: Interestingly the margin of underperformance of these stocks has been increasing in recent years. 27% annually between 2015 and 2017. We have been tracking this list since February 2017 in our quarterly newsletter.

Paul Singer ELLIOTT MANAGEMENT

<p class = "canvas-atom canvas-text Mb (1.0) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy does not rely on bull markets to deliver double digit returns. We only rely on hedge fund buy / sell signals. Devon Energy Corp (NYSE: DVN). "Data-reactid =" 46 "> Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy does not rely on bull markets to deliver double digit returns. We only rely on hedge fund buy / sell signals. Devon Energy Corp (NYSE: DVN).

Hedge fund activity at Devon Energy Corp (NYSE: DVN)

Heading into the third quarter of 2019, a total of 36 of the hedge funds tracked by Insider Monkey. The graph below displays the number of hedge funds with a bullish position in DVN over the last 16 quarters. Thus, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Insider Monkey, Elliott Management, managed by Paul Singer, holds the largest position in Devon Energy Corp (NYSE: DVN). Elliott Management has a $ 499.8 million stock in the stock, comprising 3.3% of its 13F portfolio. Coming in second is Citadel Investment Group, led by Ken Griffin, holding a $ 224.5 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Ric Dillon's Diamond Hill Capital, Noam Gottesman's GLG Partners and Dmitry Balyasny's Balyasny Asset Management.

Since Devon Energy Corp. (NYSE: DVN) has witnessed a bearish sentiment from hedge fund managers, it's safe to say that there is a certain amount of money. Interestingly, Paul Singer's Elliott's management has taken over $ 750 million worth of stock, and David Costen Haley's HBK Investments has been sold for about $ 32 million worth. These transactions are important to note, as aggregate hedge fund interest.

Devon Energy Corp. (NYSE: DVN) but similarly valued. Let's check it out. These stocks are Zebra Technologies Corporation (NASDAQ: ZBRA), C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW), Regency Centers Corp. (NASDAQ: REG), and Open Text Corporation (NASDAQ: OTEX). All of these stocks are market closest to DVN's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ZBRA, 20.635734, -15 CHRW, 20.351182, -10 REG, 12.319525, -5 OTEX, 16.778997 , -6 Average, 17,521360, -9 [/table]

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As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $ 521 million. That figure was $ 1412 million in DVN's case. Zebra Technologies Corporation (NASDAQ: ZBRA) is the most popular stock in this table. On the other hand Regency Centers Corp (NYSE: REG) is the least popular one with only 12 bullish hedge fund positions. Devon Energy Corp (NYSE: DVN) is more popular among hedge funds. Hedge funds returned 24.4% in 2019 through September 30th and outperformed the S & P 500 ETF (SPY) by 4 percentage points. DVN was not nearly as popular as these stocks were down -15.3% during the third quarter and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 20 most popular stocks among hedge funds as many of these stocks have already outperformed the market in Q3.

Disclosure: None. This article was originally published by Insider Monkey.

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