Devon Energy Could Soon Join the Oil Patch Acquisition Binge
There's currently a massive consolidation wave happening in the oil patch. Oil giants ExxonMobil, Chevron, and Occidental Petroleum have sealed deals to buy rivals. Meanwhile, several smaller producers have also made acquisitions.
Devon Energy (NYSE: DVN) could be the next oil stock to make an acquisition. It has reportedly offered to buy (NYSE: ERF). Here's a look at why Devon is interested in the company.
Enerplus is a Canadian headquartered, U.S.-focused oil and gas company. It was Canada's first oil and gas royalty trust when it started operations in 1986. However, the company has evolved over the years. It sold its remaining Canadian assets at the end of 2022 to focus on its higher-return U.S. resource plays.
Source Fool.com
Enerplus Corp. Stock
€18.20
-1.630%
With 9 Buy predictions and not the single Sell prediction the community is currently very high on Enerplus Corp..
As a result the target price of 19 € shows a slightly positive potential of 4.4% compared to the current price of 18.2 € for Enerplus Corp..
