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The Big Reason Devon Energy Stock Jumped Early on Tuesday

·2-min read

Oil and gas stocks lit up on Tuesday after crude and natural gas prices inched higher earlier in the day, but Devon Energy (NYSE: DVN) had an altogether different catalyst driving its stock price up by as much as 5.3% at its highest point in trading on Aug. 9. The upstream oil and gas company is making an acquisition that will also bring in bigger dividends for shareholders in the near future. Devon Energy will acquire Eagle Ford-focused company, Validus Energy, for $1.8 billion in cash, with the transaction expected to close in the coming weeks.