This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

Devon Energy, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and NGLs in the United States. It operates in the Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma. Devon Energy has approximately 1,900 employees and is a component in the S&P 500 index.

The major indices are lower at midday on Tuesday. Several big banks, including Bank of America and JP Morgan, are sending warning signals about stock market valuations. Crude oil is down 4% at $87 per barrel. The yield on the 10-year note is at 4.55% and the VIX volatility index is up to $22.

Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two-thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. After the merger with Coterra, it will have a foothold in the gas-driven Appalachian Basin as well. At the end of 2025, Devon reported net proved reserves of 2.4 billion barrels of oil equivalent, up from 2.2 billion in 2024. Net production averaged roughly 840,000 barrels of oil equivalent per day in 2025 at a ratio of 73% oil and natural gas liquids and 27% natural gas.