Devon rises after report activist Toms Capital urges sale
DVN•Crude price support adds to gains
Toms Capital and Devon Energy did not immediately respond to Reuters' request for comment.
Devon shares were also getting support from a rise in crude prices, with the stock among the top percentage gainers on the S&P 500 Energy Index .SPNY.
Including the session's moves, Devon Energy was up 32% year to date.
Shares rise on activist sale push
Shares of oil producer Devon Energy rose 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, the letter viewed by CNBC showed.
CNBC reported that in meetings prior to sending its letter, Toms had encouraged a similar strategy and now is urging the company to sell itself.
