Devon Energy Corp (NYSE: DVN)
Devon Energy Corp was having what seemed to be a relatively normal day in the market today. Throughout the session, the stock has seen its fair share of ups and downs, but has stayed in the green for the most part. However, the gains weren't anything to write home about. Nonetheless, minutes ago, the stock started spiking. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to DVN ahead.
What We're Seeing From DVN
As mentioned above, Devon Energy Corp was off to what seemed to be a normal trading session early on. When the opening bell rang, the stock was slightly in the green. From there, it saw its ups and downs, but nothing exciting. However, minutes ago, a rumor started to surface, leading to a large spike. Currently (11:03), DVN is trading at $47.07 per share after a gain of $0.50 per share (1.07%) thus far today.
Why The Stock Is Climbing
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains on DVN. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. While the company has yet to release any fundamental news that would lead to such a spike, we did find something in the social space.
At the moment, if you search for Devon Energy Corp on your favorite social network, chances are that you will see a rumor. That rumor is that the company is going to be taken over soon. In this case, the rumor even includes a suitor - Chevron. Of course, that would make sense, but keep in mind that this rumor has not been confirmed by either side as of yet.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DVN. In particular, we'll be watching for information regarding this rumor. After all, if an acquisition does happen, it will lead to a strong return of value for investors. We'll keep a close eye on the news and bring it to you as it breaks!
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