Devon Energy stock climbed 2.8% in morning trading Wednesday after reports surfaced that activist investor Toms Capital is urging the company to consider strategic alternatives, including a potential sale of the entire business, CNBC reported.

Shares reached a session high of $48.46, rising from an opening price of $47.41.

Toms Capital, a hedge fund supported by Citadel's Ken Griffin, has accumulated a stake large enough to place it among Devon's top five shareholders. The firm is pushing management to speed up asset sales or evaluate a full company sale.

The activist pressure comes as Devon's management team is already conducting a strategic and financial review of its portfolio. This review follows the completion of Devon's all-stock merger with Coterra Energy in May 2026, a deal that formed one of the largest independent shale operators in the United States.