Energy Stocks ConocoPhillips and Devon See Big Insider Buys

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.