Activist hedge fund Toms Capital Investment Management has built a top-five stake in Devon Energy Corporation, the Financial Times reported on June 17, 2026. The move follows Devon's recent $50 billion merger with Coterra Energy, which created one of the largest independent oil producers in the Permian Basin. Devon is already under pressure from another activist, Kimmeridge Energy Management, to boost operational performance and consider asset sales. Separately, Raymond James lowered its price target on Devon from $72 to $66 on June 15 while maintaining a Strong Buy rating, citing updated guidance and upcoming portfolio rationalization as a catalyst to narrow the valuation gap with peers.
Devon Energy CorporationActivist Toms Capital takes top-five stake, likely to push for changes.
Raymond James Financial Inc.Raymond James lowered price target on Devon from $72 to $66.