It was a buy-the-rumor, sell-the-news week for Devon Energy (NYSE: DVN). On Feb. 11, the company announced an all-stock merger with Coterra Energy (NYSE: CTRA) that if approved by shareholders of both companies will create a $58 billion energy giant.
DVN stock was up nearly 4% before the announcement but fell 2.2% on Feb. 12. Price action like that isn’t uncommon; merger announcements attract some investors while pushing others away.
