NYSE:DVNOil and Gas
Devon Coterra Merger Reshapes Cash Returns And Earnings Risk Profile
Devon Energy (NYSE:DVN) has agreed to an all stock merger with Coterra Energy, creating a combined energy company valued at about $58 billion.
The combined company plans to relocate its headquarters from Oklahoma City to Houston.
Management also announced a higher quarterly dividend and a new large-scale share repurchase program.
For Devon Energy, with a recent share price of $44.66, this move follows a 32.5% return over the past year and a 177.8% return over the past 5 years. The merger...