Devon Energy Options Trading: A Deep Dive into Market Sentiment

Investors with a lot of money to spend have taken a bearish stance on Devon Energy DVN.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with DVN, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 20 options trades for Devon Energy.

This isn't normal.

The overall sentiment of these big-money traders is split between 25% bullish and 75%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $98,838, and 19, calls, for a total amount of $884,261.

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 $30.0 to $45.0 for Devon Energy over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Devon Energy's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Devon Energy's whale trades within a strike price range from $30.0 to $45.0 in the last 30 days.

Devon Energy Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

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 2022, Devon's proved reserves totaled 1.8 billion barrels of oil equivalent, and net production that year was 611 thousand boe/d, of which oil and natural gas liquids made up 73% of production, with natural gas accounting for the remainder.

In light of the recent options history for Devon Energy, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of Devon Energy

• With a trading volume of 3,707,559, the price of DVN is up by 0.76%, reaching $42.22.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 13 days from now.

Expert Opinions on Devon Energy

3 market experts have recently issued ratings for this stock, with a consensus target price of $62.0.

• An analyst from Raymond James persists with their Outperform rating on Devon Energy, maintaining a target price of $52.
• Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Devon Energy, targeting a price of $59.
• Consistent in their evaluation, an analyst from Stifel keeps a Buy rating on Devon Energy with a target price of $75.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Devon Energy with Benzinga Pro for real-time alerts.