Here's Why Devon Energy Shares Gushed Higher in March

Shares of Devon Energy (NYSE: DVN) rose by 13.9% in March, according to data from S&P Global Market Intelligence. The move came down to a combination of an increase in the price of oil, from around $77 a barrel at the start to about $83 at the end of the month, and the Wall Street analyst community'a warming to the company's capital allocation policy in 2024.

Many investors focus on the company's dividend payout and yield, and rightly so. However, there's much more to like about the company than just how much cash it allocates to investors in the form of dividends. For example, management also engages in substantive share buybacks when it thinks its stock is undervalued. That's good news for investors, because a lower share count means investors have a greater claim on the company's cash flow.