Devon Energy (DVN) +2% in Friday’s trading as activist investment firm Kimmeridge Energy Management has taken a 0.9% stake in the company, Reuters reported.
Kimmeridge owned 5.66 million shares in Devon (DVN) as of the end of September, which would make it the company’s 14th-largest shareholder, according to data provider LSEG.
The 13F filing from Kimmeridge did not detail anything beyond the number of shares held at the end of Q3, and whether Kimmeridge has since increased or decreased its position.
Kimmeridge has been pushing energy companies for better governance practices and to prioritize shareholder returns over expansive drilling programs; it said recently it had acquired a stake in Coterra Energy (CTRA) and was seeking leadership changes as well as increased focus on its Delaware Basin holding.