Devon Energy Corp

NYSE:DVNUnited States

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• Piper Sandler Raises Price Target on Devon Energy to $65 From $61, from 39 minutes ago by MT Newswires

  39 minutes ago by MT Newswires
  Companies Mentioned: DVN
  10:11 AM EDT, 07/08/2024 (MT Newswires) -- Devon Energy (DVN) has an average outperform rating and a price target range of $48 to $68, according to analysts polled by Capital IQ. (MT Newswires covers equity, commodity and economic research from majo...

• Sector Update: Energy Stocks Decline Pre-Bell Monday, from 1 hour ago by MT Newswires

  1 hour ago by MT Newswires
  Companies Mentioned: XLE, XOM, USO, UNG, DVN
  09:19 AM EDT, 07/08/2024 (MT Newswires) -- Energy stocks were declining pre-bell Monday with the Energy Select Sector SPDR Fund (XLE) 0.8% lower recently. The United States Oil Fund (USO) was down 0.7% and the United States Natural Gas Fund (UNG) wa...

• Update: Devon Energy to Buy Grayson Mill's Williston Basin Business for $5 Billion, from 2 hours ago by MT Newswires

  2 hours ago by MT Newswires
  Companies Mentioned: DVN
  07:56 AM EDT, 07/08/2024 (MT Newswires) -- (Updates with details in second and third paragraphs.) Devon Energy (DVN) said Monday it has entered into a definitive purchase agreement to acquire Grayson Mill Energy's Williston Basin operations in a dea...

• DJ Devon Energy Nabs Williston Basin Driller in $5B Deal, from 3 hours ago by Dow Jones

  3 hours ago by Dow Jones
  Companies Mentioned: DVN
  By Dean Seal Devon Energy has agreed to acquire Grayson Mill Energy, an oil-and-gas producer in the Williston Basin, in a cash-and-stock deal valued at $5 billion. The Oklahoma City-based Devon said Monday that it would pay $3.25 billion in cash and $1.75 billion in stock to acquire Grayson Mill, which operates drilling rigs in the Bakken oil region in North Dakota and Montana. The deal is expected to close in the third quarter, with an effective date of June 1, Devon said. The company is planning for the acquisition to immediately boost earnings and cash flow as it expands its position in the Williston Basin by more than 300,000 acres. Production from the acquired acreage is expected to hit about 100,000 barrels of oil per day in 2025, Devon said. The acquisition is the latest in a wave of private-equity exits from the U.S. oil patch that is extending beyond the more popular Permian Basin, which has been the target of multibillion-dollar acquisitions between big publicly traded buyers and private equity-backed sellers over the past year. Devon is looking to fund the transaction with cash on hand and debt. The company said it would update guidance once the deal closes. Given the deal's expected boost for Devon's financials, the company's board of directors has expanded its share repurchase authorization by 67% to $5 billion through mid-year 2026. The company also said it plans to improve its financial strength by allocating up to 30% of its annual free cash flow towards reducing $2.5 billion of debt over the next two years. Write to Dean Seal at dean.seal@wsj.com (END) Dow Jones Newswires July 08, 2024 07:49 ET (11:49 GMT)

• DJ Devon Paying $5 Billion For Unit Of EnCap-Backed Grayson Energy -- MarketWatch, from 3 hours ago by Dow Jones

  3 hours ago by Dow Jones
  Companies Mentioned: DVN
  
  Devon Energy Corp.'s stock (DVN) rose fractionally in premarket trading on Monday after it said it agreed to pay $5 billion for the Williston Basin business of Grayson Mill Energy, which is backed by private-equity firm EnCap Investments. Devon also plans to boost its share-repurchase authorization to $5 billion, up by 67%. Devon said the purchase of the Williston Basin business will deliver "sustainable accretion to earnings and free cash flow" with higher distributions to shareholders over time. The transaction includes $3.25 billion of cash and $1.75 billion of stock to the sellers, with plans to close the deal by the end of the third quarter.