Energy-focused hedge fund SIR Capital Management significantly increased its investment in Devon Energy (DVN), boosting its share count by nearly 70% to 1.75 million shares. The position, valued at $72.3 million as of the reporting date, now constitutes over 8.3% of the firm's portfolio. The trade was disclosed in a mandatory quarterly 13F filing with the SEC, which was made public on August 14, 2026.
This filing reflects transactions that occurred during the second quarter, ending June 30. This period was pivotal for Devon, as it completed a major merger with Coterra Energy on May 7. Following the merger, Devon announced a 33% dividend increase and a new $8 billion share repurchase program. The company's subsequent earnings report on August 4 beat analyst expectations.