| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 100 | $48.81 | $4,881 | 0.20% | $39.35 | $946 | +24.1% | — |
| RLT | 26 | $48.81 | $1,269 | 0.08% | $37.80 | $286 | +29.1% | — |
| Total | 126 | $6,150 | 0.14% | $1,233 | +25.1% | — |
In short: The rare name both sides of the energy argument end on. Harrington, while explaining which energy exposures she'd step away from, names it as one that is not simply riding the crude price — "it's not up just because the oil price is up. Devon Energy is up." Sechan immediately: "we own Devon as well."
Devon is a US oil and gas producer, and it is the one energy name both sides of the day's argument agree on.
Jenny Harrington, in the middle of explaining which energy holdings she would walk away from, singles it out as one that is not simply riding the crude price — "it's not up just because the oil price is up." Rob Sechan immediately confirms he owns it too.
That agreement is the signal. Harrington's whole objection to energy is that the big integrated companies re-rated purely on oil going from $58 to $86; naming Devon as an exception means she thinks something company-specific is driving it. It also appeared on 2026-aug-19 as Joe Terranova's less-crowded alternative to the refiners.
In short: Terranova's less-crowded alternative to the refiners inside the same energy trade: "there's other places that you could be, like a Devon, like a FANG. Those are working as well" — E&P exposure that has not yet attracted the extreme positioning he flags in Valero and Phillips 66.
Devon drills for and produces oil and gas rather than refining it, which is precisely why Terranova names it. His concern with the refiners is not the business but the crowd — so the way to keep an energy position without paying up for the most popular trade is to own producers that are working but have not attracted the same attention.
The backdrop supports it: producers have been drilling less since the war began, which keeps supply tight, and the emergency US oil reserve is at a record low and will eventually have to be bought back.
In short: "In addition to owning EQT, I own Devon which has just completed a merger that is both synergistic and strategic. So I own those two." (Host: "You mean the one with Coterra?" — "Correct.")
Devon is the other US gas holding, and the reason is its recent merger — one he calls "both synergistic and strategic." Synergistic means the combination cuts duplicated costs and lets adjacent acreage be drilled more efficiently; strategic means it changes the company's position in the industry rather than just making it bigger.
Paired with EQT, it is his way of owning the eventual clearing of the US gas glut without betting on a single basin.
45:10In addition to owning EQT, I own Devon which has just completed a merger that is both synergistic and strategic. So I own those two. Okay. You mean the one with Coterra? Correct. Dimitri wants to know about Lotus Resources. "Clearly a troubled company, but how far can you fall from the basement window?"
In short: His first name for the US-natural-gas theme: "you don't need to get too fancy. Devon merging with Coterra. Yes, an oil producer too, but an important gas producer in the Permian Basin, Midland Basin, Delaware Basin. It's important to note that this merger… doesn't just make them bigger. They had interfingered leases which makes them much more efficient. You can drill three-mile laterals as opposed to one-mile laterals."
Devon is his first pick for the US natural-gas theme, and the reason isn't that the Coterra merger made it bigger. It's that the two companies' acreage was interfingered — their leases sat side by side in a patchwork.
That matters because of how shale is drilled: you go down and then sideways through the rock, and a longer horizontal section means more oil and gas per well for barely more cost. Fragmented ownership caps how far you can drill sideways. Combine the patchwork and "you can drill three-mile laterals as opposed to one-mile laterals" — a permanent step-change in efficiency, not a one-off cost saving.
He also notes Devon is an oil producer as well, but "an important gas producer in the Permian Basin, Midland Basin, Delaware Basin" — which is where he wants exposure as US gas oversupply gives way to export demand.
32:58And when that imbalance changes, people who got in the way when it was unpopular are going to make a boatload of money. And you don't need to get too fancy. Devon merging with Coterra. Yes, an oil producer too, but an important gas producer in the Permian Basin, Midland Basin, Delaware Basin. It's important to note that this merger they did with Coterra doesn't just make them bigger.
In short: An alpha play on the US gas glut clearing in ~2–2½ years: recently completed its merger with Coterra, becoming "the largest independent gas producer in the United States."
Devon is an "alpha" idea — a bet that pays off beyond the general oil trade. The angle is natural gas: the current US gas oversupply ("glut") should clear in about two to two-and-a-half years, and Devon just merged with Coterra to become the largest independent gas producer in the country, so it's positioned to benefit most when gas prices firm.
44:15If you want alpha, depending on how you define alpha, I suspect that in the US the US gas glut goes away in two two and a half years. gas players include Devon which recently completed a merger with Cotera becoming the largest independent gas producer in the United States and Equitable which is the key player in the US Northeast in the Marcellus, the best place to meet supply and demand because there's plenty of both up there.
In short: Reference — what Devon paid in the US Bureau of Land Management sale is the example of the private-vs-public valuation gap: in the US, someone else builds the resource, then arbitrages the multiple selling it to public players.
50:37So, like if you look at the Bureau of Land Management sale that what Devon paid for those assets, there's a gap. Do you still see that gap? Do you agree with it? Why do you think that is? — Yeah, the US side, you're going to see that gap and you're going to continue to see people that bring assets to the public players cuz if you want resource, that's the easiest way to do it.
In short: The example fracker/E&P (every US well is public record, so hedge funds DCF them well-by-well). Heir to Mitchell Energy, which pioneered fracking gas — a now-disciplined, "well-behaved and kind of boring" 6–7% FCF-yield model.
Devon is his go-to example of a typical US shale driller. Its lineage traces to Mitchell Energy, the company that first figured out how to frack natural gas. Because every US well is public record, hedge funds can model these drillers well-by-well — which is one reason he's cautious about being an everyday investor's "exit liquidity" in them.
Today's Devon is the disciplined, "well-behaved and kind of boring" model: it returns most of its cash to shareholders and throws off cash worth about 6–7% of the stock price a year. Solid, but used as an illustration of the category rather than singled out as a buy.
1:12:49Yeah, so EOG. If you went back to the early 2000s, you had a company called Mitchell Energy. Mitchell Energy, now Devon Energy, figured out how to frack gas. They were the first. By 2009, EOG looked around and said, "Everybody can frack gas. We think we can frack oil." And they were an early mover into fracking oil, dominated places like the Eagle Ford. They're fantastic. EOG is a great company. It is so great and almost so transparently great that it's typically an expensive stock.
In short: Previously-endorsed energy name — Devon Energy, also generating a multi-year upside range expansion; still well below its ATH and trading at a thrifty P/E, cited alongside Range as confirmation of the energy-producer leadership.
In short: The week's Stock Spotlight — a clean, shareholder-friendly Delaware-Basin (Permian) franchise mispriced by the "oil glut" narrative. Q3-2025 output 670k boe/d (+4% YoY), 12–15% FCF yield at $60 Brent, ~0.8× net-debt/EBITDA (one of upstream's cleanest balance sheets), >50% of FCF returned via variable dividends + buybacks ($1.1B repurchased in 2025, ~7.5% shareholder yield). Two new pipelines will convert flared Delaware "stranded gas" into ~$300M/yr of revenue. Trades ~9.9× fwd earnings / ~4× EV/EBITDA, cheaper than EOG and pre-deal Pioneer. On price-to-sales (1.3×), a move to 2× is ~66% upside; 2.6% yield; broke a near-four-year downtrend. Even with flat prices the business delivers >10%/yr through dividends + buybacks. Buy the doghouse sector before the re-rating.
Devon is a U.S. oil-and-gas producer with prime acreage in the Permian Basin. The whole market is convinced there's an oil glut, so energy stocks are deeply unloved — energy is under 3% of the S&P 500 versus 10–15% historically. Hay thinks that pessimism is overdone (a lot of the "extra" oil is China and India deliberately stockpiling, not real oversupply), and that within the sector Devon is one of the best-run, cleanest companies: very low debt, lots of leftover cash, and a policy of handing more than half of that cash back to shareholders through dividends and buybacks. A nice extra kicker: Devon has been forced to burn off ("flare") natural gas it couldn't ship, and two new pipelines will soon let it sell that gas instead — roughly $300 million of new revenue from something it used to waste.
For a company whose profits swing wildly with oil and gas prices, Hay says the fairest yardstick is price-to-sales rather than price-to-earnings; on that measure Devon is cheap, and a return to a normal level would mean roughly 66% upside. And even if oil prices go nowhere, the dividends and buybacks alone pay you about 10% a year. There's also takeover spice: rival Coterra is rumored to be pursuing Devon, which could even draw a counter-bid from a giant like Chevron — and the fact that a savvy competitor wants to buy it "validates" Hay's view that the stock is undervalued. He's a bit more bullish on natural gas than oil, but likes both, and frames Devon as exactly the kind of out-of-favor name to own heading into a jittery market.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.