Devon Energy’s $2.6 billion shale deal puts stock to the test before Tuesday
Devon Energy heads into the long U.S. market weekend after a week that saw shares slump, despite a modest gain Friday. Investors weighed the company’s $2.6 billion deal for more Delaware Basin acreage. Devon finished Friday at $47.22, up 0.23% on the session, but off roughly 4.6% from last week’s close. Timing is important here. U.S. markets are closed over the weekend and the New York Stock Exchange will not reopen until Tuesday, with Monday’s session shut for Memorial Day. That will be the first chance for investors to react in full to the lease-sale news.