Two Beaten-Down Energy Stocks See Big Insider Buys

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Two energy explorers whose stocks outperformed the broader market in 2022—a monster year for the sector—are slumping this year, but insiders at both companies recently bought up shares.

ConocoPhillips (ticker: COP) and Devon Energy shares (DVN) soared 63% and 40%, respectively, in 2022, trouncing the S&P 500 index which dropped 19%. The Energy Select Sector SPDR exchange-traded fund (XLE)—which includes both ConocoPhillips and Devon as components—leapt 58% in 2022.