Value investing firm Davis Advisors, led by Christopher Davis, exited its entire position in Coterra Energy during the second quarter of 2026, according to a recent SEC filing. The disclosure, which reflects holdings as of June 30, 2026, revealed the firm no longer holds the 37.12 million shares previously valued at $1.30 billion.
This change was not a typical sale but the result of Coterra's all-stock merger with Devon Energy, which was completed on May 7, 2026. Coterra shareholders received 0.70 shares of Devon Energy (DVN) for each Coterra (CTRA) share they owned. Consequently, Davis Advisors' 13F filing shows a new corresponding stake in Devon Energy, effectively converting their Coterra investment into a holding of the newly combined company.