<div id="readability-page-1">11:36 AM EDT, 05/18/2026 (MT Newswires) -- Devon Energy ( DVN ) could see support from its upcoming combined company guidance with Coterra Energy (CTRA) in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC Capital Markets said.Investors are waiting for the company's first full outlook after the merger, with new combined guidance expected in mid-June as Devon is currently reviewing all assets for cash flow, inventory depth, and capital efficiency, with Anadarko Basin and possibly Appalachia seen as potential sale candidates, the investment firm said in a Friday note.RBC said any asset sale decision could come after the mid-June update, adding that each of those assets could be worth more than $4 billion based on recent deals.Management appears confident in its $1 billion synergy target, with 156 active work streams and the target viewed as a floor rather than a ceiling, while Devon's higher fixed dividend of $0.32 a share and $8 billion stock buyback plan were better than expected and suggest confidence in the combined company.RBC has a sector perform rating and a $59 price target.Price: 49.85, Change: +0.35, Percent Change: +0.72 MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

CTRA

RBC Capital Markets suggests Devon Energy (DVN) may benefit from its merger with Coterra Energy (CTRA) in June, highlighting potential asset sales and merger synergies. The firm anticipates a new guidance update mid-June, with asset sales possibly exceeding $4 billion. Devon's $1 billion synergy target and $8 billion stock buyback plan indicate strong confidence. RBC maintains a sector perform rating with a $59 price target.

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Coterra Energy

Devon Energy

VanEck Oil Services ETF

SPDR Energy Select

iShares US Oil & Gas Expl & Prod

ISHRS S&P Glb Engy

SPDR O&G Equip

SPDR O&G Ex & Prd

iShares US Oil Equip & Svcs

ROYAL BANK OF CANADA

Devon Energy Could Gain From Merger Update in June, Asset Review, Buybacks, RBC Says