Exxon's $60B Pioneer Deal Sparks Speculation of More Energy Sector M&A; Devon Eyed as Undervalued Target

Exxon Mobil is reportedly close to acquiring Pioneer Natural Resources for $60B, sparking speculation of further M&A activity in the oil & gas sector.

Devon Energy stock is down 45% from highs and underperforming peers, presenting a potential value opportunity.

Devon's assets concentrated in the Permian Basin, an area of focus for recent M&A deals.

Devon trades at a forward P/E of just 6.4, cheaper than peers like Pioneer at 9.0.

Recent insider buying is a positive sign, but continued trading suggests no imminent takeover talks.