Devon Energy (NYSE:DVN) is big; its the ninth-largest U.S. energy company. Yet, somehow this energy giant has underperformed the market in the past year while North America has faced a massive oil and gas boom. It has underperformed so much that even the company's CEO, John Richels, has gone on the record saying that the company trades at a deep discount to its peers. How can this be?

A lot has to do with labels, and Devon has been labeled a natural gas company. In this video, Fool.com contributor Tyler Crowe explains why this label could be miseading for investors, and how recent trends in the natural gas space shouldn't be scary for investors.

Motley Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +,or on Twitter, @TylerCroweFool.

The Motley Fool recommends Ultra Petroleum. The Motley Fool owns shares of Devon Energy and Ultra Petroleum and has the following options: Long Jan 2014 $30 Calls on Ultra Petroleum, Long Jan 2014 $40 Calls on Ultra Petroleum, and Long Jan 2014 $50 Calls on Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.