Devon Energy Corporation
Thesis
Devon Energy was bought by Tweedy, Browne during a period of declining oil prices, suggesting confidence in its future performance and recovery in the energy market.
Did it work?
failed
confidence: high
The long thesis rested on Tweedy, Browne's purchase signaling confidence in a recovery in Devon Energy and the broader energy market. With 214 months (~18 years) elapsed — far beyond any reasonable recovery horizon — the stock has declined 24.4%, meaning the anticipated recovery never translated into positive returns for holders. Despite interim energy-market rebounds over that period, the cumulative price performance decisively contradicts the thesis.