Devon Energy Thinks Its Stock Is a No-Brainer Buy Right Now

Devon Energy (DVN 0.75%) made a subtle change to its capital return strategy this year. The oil giant had paid out a gusher of dividends over the past couple of years by prioritizing paying variable dividends to return excess cash to shareholders. However, it plans to emphasize repurchasing its shares in 2024. Fueling the focus on share repurchases is Devon's deep-seated belief that the company's shares, and oil stocks in general, are dirt cheap these days. Here's a look at the factors driving that view.A b ...