Devon Energy Strikes Out on Another Acquisition Target. Where Does the Oil Stock Go From Here?
The oil patch is undergoing a major consolidation wave. Several oil companies are acquiring smaller rivals in deals that will enhance their scale, reduce costs, and boost their free cash flow. Most of the industry's largest players have now secured deals after agreed to buy Marathon Oil for $22.5 billion.
Devon Energy (NYSE: DVN) was reportedly interested in buying Marathon before it agreed to a deal with ConocoPhillips. It's the latest in a string of acquisition attempts where Devon emerged as a losing bidder.
With another potential acquisition target now off the table, Devon will need to look elsewhere. Here's a look at its recent misses and some potential alternatives that the oil company might target next.
Source Fool.com
ConocoPhillips Stock
€106.22
1.130%
The stock is an absolute favorite of our community with 35 Buy predictions and no Sell predictions.
With a target price of 133 € there is a positive potential of 25.21% for ConocoPhillips compared to the current price of 106.22 €.
