Veeva Systems Set to Join S&P 500

Rhea-AI Summary

Veeva Systems (NYSE:VEEV) will be added to the S&P 500 and will replace Coterra Energy (NYSE:CTRA) effective before the opening of trading on May 7, 2026. Devon Energy (NYSE:DVN) is acquiring Coterra in a transaction expected to close soon, pending final closing conditions.

Positive

• Veeva Systems (VEEV) will join the S&P 500 effective May 7, 2026
• Addition to S&P 500 provides passive-index inclusion for Veeva

Negative

• Coterra Energy (CTRA) will be removed from the S&P 500 effective May 7, 2026
• Coterra acquisition by Devon (DVN) remains subject to final closing conditions

News Market Reaction – DVN

-1.58%

1 alert

-1.58% News Effect

On the day this news was published, DVN declined 1.58%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Exchange ratio: 0.70 shares Stock consideration: $23,386 million New shares issued: 531.5 million +5 more

8 metrics

Exchange ratio 0.70 shares Each Coterra share converts into 0.70 Devon common shares in merger

Stock consideration $23,386 million Preliminary estimated stock consideration based on $44.00 DVN price

New shares issued 531.5 million Estimated Devon shares to be issued in Coterra all-stock merger

Pro forma net earnings $3,768 million Pro forma 2025 net earnings attributable to Devon for combined company

Discounted future cash flow $32,362 million Standardized discounted future net cash flow for combined 2025 pro forma

Proved reserves 4,993 MMBoe Pro forma 2025 proved reserves of combined Devon–Coterra entity

Shares outstanding 621,437,123 shares Devon common stock outstanding as of March 31, 2026

Ownership split 54% / 46% Estimated pro forma ownership Devon vs. Coterra holders after merger

Market Reality Check

Price: $51.30 Vol: Volume 7,314,182 vs 20-da...

low vol

$51.30 Last Close

Volume Volume 7,314,182 vs 20-day average 12,292,289 (relative volume 0.6x). low

Technical Trading above 200-day MA at $38.48 and about 2.56% below 52-week high $52.71.

Peers on Argus

DVN gained 0.57% while peers EXE, TPL, CTRA, EQT and FANG each rose about 2.3–2....

DVN gained 0.57% while peers EXE, TPL, CTRA, EQT and FANG each rose about 2.3–2.9%, indicating broader strength in Oil & Gas E&P even though no peers appeared in the momentum scanner.

Historical Context

5 past events · Latest: Apr 28 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 28	Activist letter	Neutral	+2.7%	Kimmeridge letter to future Devon board supporting merger but urging actions.
Apr 08	Earnings scheduling	Neutral	-4.1%	Devon scheduled its Q1 2026 earnings release and conference call dates.
Feb 26	Results & dividend	Positive	+2.0%	Coterra reported strong 2025 results, issued 2026 guidance and a dividend.
Feb 17	Results & dividend	Positive	+0.9%	Devon reported 2025 results, declared a fixed dividend and gave 2026 outlook.
Feb 02	Merger commentary	Neutral	+2.4%	Kimmeridge issued comments on the proposed Coterra–Devon merger structure.

Pattern Detected

Recent DVN and CTRA news events, especially around the all-stock merger, have generally seen price moves that align directionally with the tone of the announcements.

Recent Company History

Over the last six months, Devon and Coterra news has focused on the planned all‑stock merger and routine corporate updates. A Kimmeridge letter on the future Devon board around the merger closing on May 4, 2026 coincided with a +2.66% move. Earnings scheduling and dividend announcements for both companies produced smaller but aligned reactions. Earlier Kimmeridge commentary on the proposed merger also saw a positive response. Today’s index‑related news arrives against this backdrop of merger-driven alignment.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-04-10

Devon has an effective Form S-3ASR shelf registration dated April 10, 2026, allowing it to issue various securities, including common and preferred stock, warrants and debt securities, from time to time. The filing also describes the planned all-stock merger under which each Coterra share converts into 0.70 Devon shares and notes higher authorized common and preferred share levels upon stockholder approval.

Market Pulse Summary

This announcement highlights index changes resulting from Devon’s pending all-stock acquisition of C...

Analysis

This announcement highlights index changes resulting from Devon’s pending all-stock acquisition of Coterra, under which each Coterra share converts into 0.70 Devon shares. Recent SEC filings detailed pro forma 2025 net earnings of $3,768 million, proved reserves of 4,993 MMBoe, and increased authorized share levels. Investors may watch completion of closing conditions, the merger vote on May 4, 2026, and how the combined entity’s capital structure evolves under the existing S-3ASR shelf.

Key Terms

s&p 500, gics sector

2 terms

s&p 500 financial

"Veeva Systems Inc. (NYSE: VEEV) will replace Coterra Energy Inc. (NYSE: CTRA) in the S&P 500"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

gics sector technical

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. Not financial advice.

NEW YORK, April 30, 2026 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV) will replace Coterra Energy Inc. (NYSE: CTRA) in the S&P 500 effective prior to the opening of trading on Thursday, May 7. S&P 500 constituent Devon Energy Corp. (NYSE: DVN) is acquiring Coterra Energy in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name		Action	Company Name	Ticker	GICS Sector
May 7, 2026	S&P 500	Addition		Veeva Systems	VEEV	Health Care
May 7, 2026	S&P 500	Deletion		Coterra Energy	CTRA	Energy

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SOURCE S&P Dow Jones Indices

FAQ

When will Veeva Systems (VEEV) be added to the S&P 500?

Veeva Systems (VEEV) will be added to the S&P 500 effective before market open on May 7, 2026. According to Veeva Systems, the change replaces Coterra Energy (CTRA) in the index and takes effect prior to the opening of trading that day.

Which company is VEEV replacing in the S&P 500 on May 7, 2026?

VEEV is replacing Coterra Energy (CTRA) in the S&P 500 effective May 7, 2026. According to Veeva Systems, the replacement follows corporate actions tied to Coterra and Devon Energy (DVN).

How does the Devon Energy (DVN) deal affect Coterra's S&P 500 status?

Devon Energy's (DVN) acquisition of Coterra is expected to close soon and is cited as the reason for Coterra's S&P 500 removal. According to Veeva Systems, the transaction remains subject to final closing conditions.

Will the S&P 500 change for VEEV take place during trading hours on May 7, 2026?

The index change will occur prior to the opening of trading on May 7, 2026. According to Veeva Systems, additions and deletions will be effective before the market opens that day.

What tickers and sectors are involved in the May 7, 2026 S&P 500 update?

The May 7, 2026 update adds VEEV (Health Care) and deletes CTRA (Energy). According to Veeva Systems, these are the listed ticker and GICS sector entries for the change.