Devon Energy’s $2.6 billion shale deal puts stock to the test before Tuesday
Devon Energy closed at $47.22 Friday, up 0.23% on the day but down 4.6% for the week after announcing a $2.6 billion purchase of Delaware Basin drilling rights. The deal adds 16,300 net undeveloped acres in New Mexico. Analysts questioned the price, with Devon shares falling 2.5% on the news. U.S. markets will reopen Tuesday after the Memorial Day break.