Activist Toms Capital Takes Ownership Stake in Devon, FT Reports

Toms Capital Investment Management has become the latest activist investor to build a stake in Devon Energy Corp., according to the Financial Times.

The investment makes Toms Capital one of the top five owners in the shale giant, the publication reported, citing unnamed sources. Devon completed a $25 billion transformational deal for Coterra Energy Inc. last month.

Devon shares jumped as much as 1.9% after the report but have since erased those gains and were down 0.7% as of 2:22 p.m. in New York.

Toms Capital last year pushed for strategic changes at Tylenol producer Kenvue Inc. and built ...