9. Devon Energy Corporation (NYSE:DVN)
Stock Upside Potential: 21.54%
Year-to-Date Gain: 26.59%
Devon Energy Corporation continues to gain traction as a high-upside energy stock, supported by both operational strength and a major corporate catalyst. On April 11, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its proposed merger with Coterra Energy expired without objection, clearing a key regulatory hurdle.
The merger is expected to close in the second quarter, subject to standard conditions, and will create a larger, more efficient oil and gas producer focused on the Permian Basin. Management expects the combined entity to generate $1 billion in annual pretax synergies by 2027, driven by cost efficiencies and scale advantages.
Devon has already gained more than 26% year-to-date, with sentiment boosted by the merger and favorable oil price conditions. The company also plans to return more than $5 billion to shareholders through dividends and share buybacks, reinforcing its appeal among investors searching for income-generating stocks with upside potential.
Operationally, Devon remains focused on high-margin assets across the Delaware Basin, Eagle Ford, Anadarko, Williston, and Powder River basins. Its expertise in horizontal drilling and hydraulic fracturing supports efficient production and strong free cash flow generation.
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