Grandfield & Dodd Trims Stakes in Devon Energy and RTX Amid M&A Rumors

Key Facts

1Grandfield & Dodd reduced its stake in Devon Energy by 7.1% amid a reported $8 billion offer for its Marcellus shale assets.

2The firm trimmed its RTX Corporation position by 4.1%, though the stock remains the fund's fifth-largest holding.

In a move reflecting institutional portfolio rebalancing, Grandfield & Dodd LLC reduced its positions in the energy and defense sectors during the fourth quarter. According to reports, the firm cut its stake in Devon Energy by 7.1% amid a reported $8 billion offer for the company's Marcellus shale assets. Additionally, the firm trimmed its RTX Corporation position by 4.1%, though the stock notably remains the fund's fifth-largest holding.

This partial divestment comes as the energy sector sees heightened strategic activity, with Citi recently raising its price target for Devon Energy to $65 based on M&A potential. For RTX, the reduction contrasts with strong earnings performance and dividend growth; per market data, defense sector demand remains robust. Compared to peers like Lockheed Martin which have shown steady cash flow, Grandfield & Dodd’s trimming appears to be a technical rebalancing rather than a fundamental shift in sector outlook.

Investors should watch current price levels, with RTX closing at $105.40 and DVN at $48.20 (as of May 29, 2026 close). Looking ahead, the release of the US Core PCE Price Index on May 28 will be a key catalyst to watch, as it may influence broader market sentiment for industrial and energy equities.