Devon Energy shares rose after reports of an $8 billion offer for its Marcellus natural gas assets.
Investment manager Stone Ridge Asset Management submitted the bid as an opening step toward discussions. The offer is unconfirmed, and Devon has not commented.
RBC analysts call it a positive signal for investors seeking portfolio focus after Devon's recent merger. The Marcellus and Anadarko assets are likely candidates for monetization.
The valuation implies roughly $4,000 per Mcfe, a premium to recent natural gas transactions averaging $3,000 per Mcfe.
RBC maintains Sector Perform rating on Devon with a $59 price target. Asset sales could sharpen strategic focus, though commodity price volatility remains a key risk.
