In a recent 13F filing, prominent value investor Christopher Davis's firm, Davis Advisors, disclosed a significant new stake in Devon Energy. The filing, which reflects holdings as of June 30, 2026, revealed the acquisition of 25.30 million shares valued at approximately $1.05 billion. This new position accounts for 4.49% of the firm's reported portfolio.
It is important to remember that 13F filings are submitted to the SEC quarterly and released with a delay, so these transactions occurred at some point during the second quarter. The investment coincided with a strong quarter for Devon Energy, which reported better-than-expected earnings and revenue. The company also increased its dividend and accelerated its share buyback program following the recent completion of its merger with Coterra Energy.