Devon Energy Announces All-Stock Merger with Coterra

Devon Energy ( (DVN) ) has provided an announcement.

On February 1, 2026, Devon Energy signed a definitive all-stock agreement to acquire Coterra Energy through a merger in which Coterra shareholders will receive 0.70 Devon shares for each Coterra share, leaving Devon and Coterra investors owning roughly 54% and 46% of the combined group, respectively. Announced publicly on February 2, 2026, the deal, valued at about $58 billion based on Devon’s late-January share price, aims to create one of the world’s largest shale producers with more than 1.6 million barrels of oil equivalent per day of pro forma output and a dominant, long-duration position in the Delaware Basin. The companies project $1 billion in annual pre-tax synergies by 2027, driven by capital optimization, operating efficiencies and lower corporate costs, and expect the transaction to be accretive to key per-share metrics while reinforcing an investment-grade balance sheet. Governance of the combined company will be shared between a reconstituted 11-member board, with Devon’s Clay Gaspar serving as president and CEO and Coterra’s Tom Jorden as non-executive chair, while Coterra’s CFO Shannon Young becomes principal financial officer; the merger remains subject to shareholder votes, regulatory approvals and customary closing conditions, with no go‑shop provision and significant termination fees underscoring the strategic and binding nature of the combination.

The most recent analyst rating on (DVN) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on Devon Energy stock, see the DVN Stock Forecast page.

Spark’s Take on DVN Stock

According to Spark, TipRanks’ AI Analyst, DVN is a Outperform.

Devon Energy’s strong technical indicators and positive earnings call sentiment are the most significant factors driving the stock score. The company’s robust operational performance and strategic initiatives are offset by challenges in cash flow generation and macroeconomic headwinds. The valuation remains attractive, suggesting potential upside.

To see Spark’s full report on DVN stock, click here.

More about Devon Energy

Devon Energy is a large-cap independent oil and gas exploration and production company focused on shale development, particularly in the Delaware Basin, with operations spanning oil, natural gas and natural gas liquids. Coterra Energy is a complementary U.S. exploration and production company with a balanced commodity mix and significant shale assets, and the merger will consolidate their positions as major shale producers headquartered in Houston with a continued presence in Oklahoma City.

Average Trading Volume: 8,807,861

Technical Sentiment Signal: Buy

Current Market Cap: $25.22B

For a thorough assessment of DVN stock, go to TipRanks’ Stock Analysis page.