Devon Rises After Report Activist Toms Capital Urges Sale

• Shares of oil producer Devon Energy rise 3.2% to $48.43
• Activist investor Toms Capital, in a letter, urges Devon to explore alternatives, including a sale, according to CNBC
• Toms is now one of Devon’s top five shareholders – letter viewed by CNBC
• CNBC reports that in meetings prior to sending its letter, Toms had encouraged a similar strategy and now is urging the company to sell itself
• Toms Capital and Devon Energy did not immediately respond to Reuters’ request for comment
• Devon shares also getting support form rise in crude price; stock among top percentage gainers on the S&P 500 Energy Index
• Including session’s moves, Devon Energy up 32% YTD

Reporting by Arunima Kumar in Bengaluru

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