Devon Energy stock rises after activist investor Kimmeridge takes stake

Investing.com -- Devon Energy (NYSE:DVN) stock rose 1.6% after activist investment firm Kimmeridge Energy Management disclosed a stake in the U.S. shale producer, according to a regulatory filing released Friday.

Kimmeridge owned 5.65 million shares of Devon as of September 30, equivalent to approximately 0.9% of the company, based on the 13F filing. The disclosure came at the deadline for investment firms to reveal their holdings in public companies as of the end of the third quarter.

The filing did not provide details beyond the number of shares held, nor did it indicate whether Kimmeridge has since adjusted its position in Devon Energy.

This development follows Kimmeridge’s November 4 announcement that it had taken a stake in Devon peer Coterra Energy (NYSE:CTRA). With that investment, Kimmeridge is pushing for leadership changes and advocating for Coterra to sell its Appalachia and Oklahoma operations to focus on its Delaware basin assets.

Activist investors like Kimmeridge typically take positions in companies they believe could benefit from operational, financial, or strategic changes to enhance shareholder value.

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