Nov. 14 at 5:08 PM
Devon Energy shares rose after activist investor Kimmeridge Energy Management disclosed a stake in the U.S. shale producer, according to a Friday regulatory filing. Kimmeridge held 5.65 million Devon shares as of Sept. 30—about 0.9% of the company—per its 13F filing, though it did not indicate whether the position has changed since.
The move follows Kimmeridge’s Nov. 4 announcement that it had taken a stake in peer Coterra Energy, where it is pushing for leadership changes and for the company to sell its Appalachia and Oklahoma assets to focus on the Delaware Basin. Activist investors like Kimmeridge typically target companies they believe could unlock value through operational, financial, or strategic shifts.
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