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3 Natural Gas Stocks That Should Survive to See a Renaissance

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Meanwhile, Devon's "superior financial footing should help the firm weather the current low gas price environment and provide flexibility to both aggressively develop existing inventory and capture acreage in emerging plays," according to a Morningstar report. Devon had 59.6% exposure to natural gas and 40.4% exposure to oil as of January, according to Fidelity Capital Markets data.

"Should gas double and oil keep going up to $120 and $130, Devon and Chesapeake as more balanced companies will see benefits on both sides," says Kay of S&P. "If gas doubles or triples, that's going to be an extra bonus for them."

Devon shares closed Friday at $73.73, down nearly 20% in the past year. The stock trades at a forward price-to-earnings multiple of 10X, and has an annual dividend yield of 1.1% at current levels.

Check out TheStreet's quote page for Devon Energy for year-to-date share performance, analyst ratings, earnings estimates and much more.

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