Originally, the company planned to sell 55 million shares but the offering was upped to 69 million shares due to high demand, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
The sale was priced at $18.75 per share and the news comes following what many investors viewed as promising earnings results, despite cutting its dividend by 75%, he added.
Although the company is "very well run," it's still in the energy sector, which makes it a troubling buy for many investors, Cramer said. So why is there so much demand for Devon?
The energy sector has been under a lot of stress, but these deals are helping to ease some of that burden. Freeport-McMoRan's (FCX - Get Report) partial asset sale to raise capital and Chesapeake Energy's (CHK - Get Report) vow to make its upcoming $500 million debt payment are also helping.
Devon Energy is a stock to keep a close eye on and could end up being a good buy near these depressed levels, Cramer concluded.