Devon Energy has finished its all-stock merger with Coterra Energy, consolidating its position in the U.S. independent energy sector and launching an $8 billion share repurchase program alongside a dividend increase to $0.320 per share. Despite these strategic moves, the company announced a drop in first-quarter production expectations and missed earnings estimates by $0.02 per share, raising concerns among investors as shares fell over 6%. Analysts remain optimistic, with Raymond James upgrading Devon’s rating to Strong Buy and raising its price target to $72.
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