Deep-pocketed investors have adopted a bearish approach towards Devon Energy DVN, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in DVN usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Devon Energy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 66% bearish. Among these notable options, 2 are puts, totaling $114,140, and 7 are calls, amounting to $407,958.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $47.5 to $55.0 for Devon Energy over the last 3 months.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Devon Energy's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Devon Energy's substantial trades, within a strike price spectrum from $47.5 to $55.0 over the preceding 30 days.
Devon Energy Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DVN | CALL | SWEEP | BEARISH | 09/20/24 | $5.45 | $4.15 | $3.9 | $50.00 | $156.3K | 6.6K | 0 |
| DVN | CALL | SWEEP | BEARISH | 12/20/24 | $6.5 | $6.4 | $6.4 | $50.00 | $72.3K | 1.3K | 0 |
| DVN | PUT | SWEEP | BULLISH | 01/17/25 | $3.3 | $3.2 | $3.2 | $47.50 | $57.2K | 6.8K | 0 |
| DVN | PUT | SWEEP | BULLISH | 04/19/24 | $2.92 | $2.86 | $2.86 | $55.00 | $56.8K | 213 | 220 |
| DVN | CALL | SWEEP | BEARISH | 10/18/24 | $5.7 | $5.6 | $5.6 | $50.00 | $48.7K | 1.3K | 90 |
About Devon Energy
Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America. The firm's asset base is spread throughout onshore North America and includes exposure to the Delaware, STACK, Eagle Ford, Powder River Basin, and Bakken plays. At year-end 2023, net production totaled roughly 658 thousand boe/d, of which oil and natural gas liquids made up roughly three-quarters of production, with natural gas accounting for the remainder.
After a thorough review of the options trading surrounding Devon Energy, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Devon Energy Standing Right Now?
- With a volume of 1,865,238, the price of DVN is up 1.13% at $52.01.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 12 days.
What Analysts Are Saying About Devon Energy
5 market experts have recently issued ratings for this stock, with a consensus target price of $58.6.
- An analyst from Stifel has decided to maintain their Buy rating on Devon Energy, which currently sits at a price target of $65.
- An analyst from Morgan Stanley persists with their Overweight rating on Devon Energy, maintaining a target price of $50.
- In a positive move, an analyst from Wells Fargo has upgraded their rating to Overweight and adjusted the price target to $59.
- An analyst from JP Morgan has decided to maintain their Overweight rating on Devon Energy, which currently sits at a price target of $62.
- Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Devon Energy with a target price of $57.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Devon Energy options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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