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Devon Energy Corporation (NYSE:DVN) is one of the best stocks to buy in a rising market, according to Wall Street analysts. On April 11, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the proposed merger of Devon Energy Corporation (NYSE:DVN) and Coterra Energy expired without objection. With the expiry, the proposed merger satisfies the key regulatory condition.

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The proposed merger remains subject to customary closing conditions. The transaction is also expected to close in the second quarter. Devon Energy has already filed a registration statement on Form S-4 with the Securities and Exchange Commission for the registration of shares in connection with the merger.

Devon Energy Corp has rallied by more than 26% year to date, its market sentiment bolstered by the proposed merger with Coterra Energy. The merger will result in a large-cap oil and gas producer focused on the Permian Basin. Devon and Coterra are targeting $1 billion in annual pretax savings from the merger by 2027 and plan to reward investors with high dividends and share buybacks of more than $5 billion.

Devon Energy Corporation (NYSE:DVN) is an independent U.S.-based energy company. It focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). The company specializes in horizontal drilling and hydraulic fracturing. Its core operations are in the Delaware Basin, Eagle Ford, Anadarko, Williston, and Powder River basins.

While we acknowledge the potential of DVN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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