Toms Capital, which manages over $4 billion in assets, has sent a letter to Houston-based oil and gas company Devon Energy, urging it to review strategic alternatives, including a sale of the company. Toms Capital stated in the letter that it is now one of Devon Energy's top five shareholders. Devon Energy's stock rose about 3% on Wednesday, bringing its year-to-date gain for 2026 to over 31%. Toms Capital believes that Devon Energy's asset portfolio is overly complex, resulting in its valuation being discounted by at least one multiple point compared to its peers.