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Devon Energy

Devon Energy

$DVN
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93 stories mentioning Devon EnergyUpdated 1d ago

Raymond James cut its price target to $66 while keeping a Strong Buy, and an insider sold $841,320 in shares, amid oil's slide on Iran diplomacy.

Sectors

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.9% and the United States Natural Gas Fund (UNG) was 2.8% lower.Front-month US West Texas Intermediate crude oil was 1.3% higher at $91.69 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.7% to $94.68 per barrel, and natural gas futures were down 3.1% at $3.13 per 1 million British Thermal Units.Eni (E) and Petronas have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia, the companies said. Shares of Eni were up more than 1% pre-bell.Devon Energy (DVN) stock was up more than 1% after the company said between 66% and 98% of notes across seven bond series were tendered early to its exchange offers.SLB (SLB) said its OneSubsea joint venture won a contract from BP (BP) to provide a subsea boosting system for the Thunder Horse development in the Gulf of America. SLB shares were 0.5% higher premarket.

$BP$DVN$E$SLB$UNG$USO$XLE
Equities

Devon Energy Reports Strong Early Tender Results for Senior Notes

Devon Energy (DVN) reported Monday that between 66% and 98% of notes across seven bond series were tendered early.Almost 98% of 5.90% senior notes due 2055 were tendered, with about $733.3 million of the $750 million of outstanding principal being tendered early, followed by 93% of 5.60% senior notes due 2034, the company said.Aside from the early tender of nearly 66% of senior notes issued by Coterra Energy Operating, the remaining series were tendered early by no less than 85%, the company said.Shares of Devon Energy were up 2% pre-bell.

$DVN
Equities

Capital One Adjusts Price Target on Devon Energy to $61 From $63, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $61.60, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DVN
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index increased 0.9%, and the Dow Jones US Utilities Index fell 2.7%.In sector news, Iran's reported threats to halt the indirect peace talks with Washington sent crude oil prices higher. Iranian negotiators will stop exchanging messages with the US through intermediaries, and Tehran will fully close the Strait of Hormuz in retaliation against ongoing ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim on Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah, CNBC reported.Front-month West Texas Intermediate jumped 5.5% to $92.14 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $94.97 a barrel. Henry Hub natural gas futures fell 3.6% to $3.17 per 1 million BTU.In corporate news, Kazakhstan has restored its oil production to 290,000 metric tons a day following an accident that caused production losses at its largest oilfield, Tengiz, led by Chevron (CVX), Reuters reported, citing the country's Energy Minister Erlan Akkenzhenov. Chevron shares were up 2%.BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported. BP shares added 2.5%.Equinor (EQNR) recommended that the company's corporate assembly elect Jarle Roth as new chair of the board, the company said. Equinor shares climbed up 3.5%.Devon Energy (DVN) shares rose 4%. Reuters reported Friday that Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania.

$BP$CVX$DVN$EQNR
Sectors

Sector Update: Energy Stocks Gain Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index increased 0.6%, and the Dow Jones US Utilities Index fell 2.3%.In sector news, Iran's reported threats to halt the indirect peace talks with Washington sent crude oil prices higher. Iranian negotiators will stop exchanging messages with the US through intermediaries, and Tehran will fully close the Strait of Hormuz in retaliation against ongoing ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim on Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah, CNBC reported.Front-month West Texas Intermediate jumped 6.3% to $92.86 a barrel, and the global benchmark Brent crude contract climbed 5.4% to $96.01 a barrel. Henry Hub natural gas futures fell 3.1% to $3.19 per 1 million BTU.In corporate news, BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported. BP shares added 3%.Equinor (EQNR) recommended that the company's corporate assembly elect Jarle Roth as new chair of the board, the company said. Equinor shares climbed 4.1%.Devon Energy (DVN) shares rose 3.6%. Reuters reported Friday that Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania.Venture Global (VG) shares surged 8%. The company said its Venture Global LNG subsidiary plans to issue $2.25 billion of senior secured notes due 2034 and 2036 in a private offering.

$BP$DVN$EQNR$VG
Sectors

Sector Update: Energy

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.The Philadelphia Oil Service Sector Index increased 0.5%, and the Dow Jones US Utilities Index fell 2.4%.In sector news, Iran's reported threats to halt the indirect peace talks with Washington sent crude oil prices higher. Iranian negotiators will stop exchanging messages with the US through intermediaries, and Tehran will fully close the Strait of Hormuz in retaliation against ongoing ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim on Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah, CNBC reported.Front-month West Texas Intermediate jumped 6.3% to $92.86 a barrel, and the global benchmark Brent crude contract climbed 5.4% to $96.05 a barrel. Henry Hub natural gas futures fell 3% to $3.19 per 1 million BTU.In corporate news, Devon Energy (DVN) shares jumped 4%. Reuters reported Friday that Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania.

$DVN
Commodities

Market Chatter: Stone Ridge Bids $8 Billion for Devon Energy Marcellus Assets

Stone Ridge Asset Management has offered around $8 billion to acquire Devon Energy's (DVN) Marcellus shale assets, Reuters reported Friday, citing people familiar with the matter.This followed last month's closing of the $58 billion merger between Devon and Coterra Energy (CTRA) to form a large-cap shale operator in the US, with a focus on the Delaware Basin.Sources told the news agency that Stone Ridge made the move to initiate conversations about a possible deal, although Devon may or may not consider the proposal.Stone Ridge will use an asset-backed securitization to fund its proposal. If accepted, the deal will have the largest ABS funding in the history of US oil and gas industry, the sources reportedly said, although the actual size of financing was not immediately known.The investment firm, an active buyer of oil and gas assets using ABS, could also partner with another party on a possible Marcellus acquisition. It has previously partnered with Flywheel Energy to acquire Ovintiv's (OVV) Oklahoma assets for $3 billion, according to sources cited by Reuters.Devon had not made any decisions about the Marcellus assets, previously belonging to Coterra and spanning 190,000 net acres in Pennsylvania, according to the report.Asset manager Kimmeridge, a Devon shareholder, earlier urged the company's board to "initiate an accelerated program of non-core asset divestitures," to streamline its portfolio following the merger with Coterra.Devon and Stone Ridge did not immediately respond to' requests for comment.The Marcellus assets were reportedly projected to account for about 20% of Devon's 2026 production outlook of 1.6 million barrels of oil equivalent per day. The Delaware assets, meanwhile, will contribute about 53% of output.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CTRA$DVN$OVV
Equities

Market Chatter: Devon Energy Gets $8 Billion Offer for Marcellus Shale Assets From Stone Ridge

Devon Energy (DVN) received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania, Reuters reported Friday, citing four people familiar with the matter.Devon hasn't made any decision on the assets after merging earlier this month with Coterra Energy, the report said.Stone Ridge made the offer to initiate talks about a deal with Devon, the report said.Devon and Stone Ridge did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$DVN
Equities

Mizuho Securities Adjusts Price Target on Devon Energy to $68 From $62, Maintains Outperform Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $61.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DVN
Equities

Barclays Adjusts Devon Energy Price Target to $62 From $54, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $61.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DVN
Commodities

Matador Expands Delaware Basin Position With $1.14 Billion Lease Deal

Matador Resources Company (MTDR) acquired 5,154 net undeveloped acres in the New Mexico Delaware Basin for about $1.14 billion, TPH Energy said Friday.Matador secured the acreage during this week's Bureau of Land Management lease sale, paying roughly $222,000 per acre for the undeveloped land, according to TPH Energy.Management expects the acquisition to add 141 net operated drilling locations on a two-mile equivalent basis, providing more than one year of inventory at the company's recent drilling pace.Matador valued the drilling inventory at about $7.3 million per location after accounting for expected midstream value, while the acreage carries an 87.5% net revenue interest and a 10-year lease term across all depths.The company plans to fund the acquisition with cash and its credit facility, and management expects to repay a substantial portion of the balance by the end of 2026 and in full by the first half of 2027.TPH Energy said the acquisition has a greater financial impact on Matador because the transaction value is roughly 15% of the company's $7.0 billion market capitalization.Matador shares fell 5.8% Thursday, underperforming Devon Energy's (DVN) 2.8% decline and the SPDR S&P Oil & Gas Exploration & Production ETF's 2.3% drop as investors speculated Matador submitted the winning bids through the Federal Abstract Company alias, according to TPH.Price: $56.48, Change: $+0.39, Percent Change: +0.70%

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Commodities

Devon's Record Lease Win 'High Quality' but Expensive Permian Inventory Addition, RBC Says

Devon Energy (DVN) paid a steep price for "high quality" Permian Basin acreage in a record US federal oil and gas lease sale, a move that strengthens its inventory but may prompt investor scrutiny of valuation, RBC Capital Markets analysts said in a note Thursday.Devon emerged as the dominant bidder in a $4 billion Bureau of Land Management auction spanning 74 parcels and 33,530 acres across New Mexico and Texas, marking the highest quarterly federal leasing total on record and far surpassing the prior $972 million peak set in 2018.The company committed about $2.6 billion to secure roughly 16,300 net undeveloped acres across 24 parcels in Lea and Eddy counties in the Delaware Basin. That implies an average cost of about $161,500 per net acre, making Devon by far the largest single participant in the sale.RBC said Devon "made a big splash" in the auction, noting that the acreage is high-quality, with a low 12.5% royalty rate, and should support strong economics.However, RBC flagged the implied cost burden, estimating that under assumptions of 10,000-foot laterals and 24 wells per unit, the land cost works out to roughly $7-8 million per drilling location across about 306 locations, levels RBC described as "eye watering" versus historical Permian Basin deal values."We think this could draw mixed investor views, but DVN is likely evaluating significant asset sales post the recent CTRA [Coterra Energy] merger. We believe this is positive for DVN's inventory build in the Permian, but the price paid could draw investor scrutiny," the analysts said.Price: $46.83, Change: $-1.63, Percent Change: -3.36%

$CTRA$DVN
Sectors

Sector Update: Energy Stocks Decline Thursday Afternoon

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.6%.The Philadelphia Oil Service Sector Index was declining 1.8%, and the Dow Jones US Utilities Index was adding 0.8%.Front-month West Texas Intermediate crude oil was declining 0.2% to $98.03 a barrel, and the global benchmark Brent crude contract was decreasing 0.7% to $104.27 a barrel. Henry Hub natural gas futures rose 0.7% to $3.03 per 1 million BTU.In sector news, US natural gas stocks rose by 101 billion cubic feet in the week ended May 15, faster than the 96 billion gain expected in a survey compiled by Bloomberg and following an increase of 85 billion cubic feet in the previous week.In corporate news, ExxonMobil (XOM) has signed a memorandum of understanding with QatarEnergy and the Egyptian government to explore the potential development and commercialization of gas discoveries in Cyprus through Egypt's existing gas and liquefied natural gas export infrastructure, QatarEnergy said Thursday. Exxon shares were down 1.6%.ConocoPhillips (COP) Chief Executive Ryan Lance told Bloomberg that recent changes to Venezuela's oil law, intended to woo foreign oil companies, do not go far enough to attract foreign investment to the country. ConocoPhillips shares fell 1.8%.Devon Energy (DVN) said it acquired 16,300 net undeveloped acres in the Delaware Basin in New Mexico for about $2.6 billion through a Bureau of Land Management oil and gas lease sale. Devon shares were down 3.4%.

$COP$DVN$XOM
Equities

Update: Devon Energy Acquires Delaware Basin Acreage for $2.6 Billion in Federal Lease Sale

(Updates headline and story to add additional information from the Devon Energy press release throughout.)Devon Energy (DVN) acquired 16,300 net undeveloped acres in the Delaware Basin in New Mexico for about $2.6 billion through a Bureau of Land Management oil and gas lease sale, the company said Thursday, accounting for more than half of the roughly $4 billion generated from the sale.The Bureau of Land Management said it leased 74 parcels amounting to 33,530 acres during the quarterly lease sale, with combined bonus bids and rental payments totaling roughly $4.01 billion.Devon Energy secured 25 parcels with total bonus bids worth $2.5 billion, according to a Reuters report, citing sale results posted on a government website.The company said the federal leases carry an 87.5% net revenue interest and 10-year terms across all depths, which it said are more favorable than typical state and fee lease terms in the region.Devon Energy said it expects to fund the transaction with cash on hand while maintaining its credit profile.

$DVN
Equities

Morgan Stanley Adjusts Devon Energy Price Target to $66 From $59, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $60.44, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DVN
Commodities

US Oil, Gas Auction Generates Record $4 Billion Sale; Devon Energy Leads

The US Department of the Interior generated a record $4 billion in a quarterly oil and gas lease sale in New Mexico and Texas, it said Wednesday, reflecting "strong industry demand" for drilling, in particular after a reduction in royalties for new projects.The Bureau of Land Management leased 74 parcels totaling 33,530 acres, according to the statement. The quarterly result beat the last record set in 2018 with a sales total of $972 million, Reuters said.Of the total area leased, Devon Energy (DVN) acquired 16,300 net undeveloped acres in the Delaware Basin in Lea and Eddy Countries, for about $2.6 billion, the company said. The resulting net acre cost is around $161,500.Land services firm Federal Abstract came out as the second-biggest auction participant after Devon, with total bids of $1.1 billion, according to Reuters. Other participants included Buffalo Frontier, Veer Capital Partners, and Ridge Runner II Nominee.Strong quarterly sales were largely attributed to a lower royalty rate for new onshore oil and gas production at 12.5%, down from the 16.67% rate established under the Inflation Reduction Act, according to DOI."The lower royalty rate reduces costs for energy producers operating on public lands and is expected to encourage additional investment, leasing and drilling activity across the West," DOI said.

$DVN
Equities

Market Chatter: Devon Said to Account For Over Half of $4 Billion US Government Oil, Gas Lease Sale

Devon Energy (DVN) made up more than half of $4 billion in proceeds generated from an oil and gas lease sale on federal lands in New Mexico and Texas, Reuters reported late Wednesday, citing the US Bureau of Land Management.The Bureau of Land Management said it leased 74 parcels amounting to 33,530 acres during the quarterly lease sale, with combined bonus bids and rental payments totaling roughly $4.01 billion.Devon secured 25 parcels with total bonus bids worth $2.5 billion, according to the Reuters report, citing sale results posted on a government website.The company didn't immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$DVN
Equities

Citigroup Adjusts Price Target on Devon Energy to $65 From $60, Maintains Buy Rating

Devon Energy (DVN) has an average rating of overweight and mean price target of $60.24, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DVN
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.5%.Crude oil prices rose Monday amid a lack of progress on US-Iran peace talks. Iran has submitted its new proposal to end the war, but the White House believes it fails to offer meaningful improvements on the last offer, Axios reported Monday, citing a senior US official and a source briefed on the issue.Front-month West Texas Intermediate crude oil was rising 1% to $106.42 a barrel, and the global benchmark Brent crude contract was advancing 0.4% to $109.70 a barrel. Henry Hub natural gas futures rose 2% to $3.02 per 1 million BTU.In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 4.7%, and Dominion jumped past 9%.Devon Energy (DVN) may see support from its upcoming combined company guidance with Coterra Energy in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC said. Devon shares added 0.5%.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday. ConocoPhillips shares rose 1.7%.Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares fell 1.1%.

$CMP$COP$D$DVN$NEE
Sectors

Sector Update: Energy

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.5%.Crude oil prices rose Monday amid a lack of progress on US-Iran peace talks. Iran has submitted its new proposal to end the war, but the White House believes it fails to offer meaningful improvements on the last offer, Axios reported Monday, citing a senior US official and a source briefed on the issue.Front-month West Texas Intermediate crude oil was rising 1% to $106.42 a barrel, and the global benchmark Brent crude contract was advancing 0.4% to $109.70 a barrel. Henry Hub natural gas futures rose 2% to $3.02 per 1 million BTU.In corporate news, Devon Energy (DVN) may see support from its upcoming combined company guidance with Coterra Energy in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC said. Devon shares added 0.4%.

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