Activist Toms Capital urges Devon Energy in letter to explore alternatives, including a sale

Activist hedge fund Toms Capital Management sent a letter earlier this month to Devon Energy urging the Houston-based oil and gas company to review strategic alternatives, including a sale. Toms, which manages just over $4 billion in assets, says in the letter viewed by CNBC it is now one of Devon's top five shareholders. The hedge fund was outside of the ten biggest Devon holders as of the end of June, according to the latest filings. Last May, Devon closed its merger with Coterra Energy, significantly increasing the size of the company's portfolio in the Delaware Basin, a key oil and gas producing sub-basin of the Permian in West Texas and Southeast New Mexico.