Devon Energy Options Trading: A Deep Dive into Market Sentiment

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 10 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 30% leaning bullish and 70% bearish. Among these notable options, 6 are puts, totaling $328,658, and 4 are calls, amounting to $311,535.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $44.0 and $52.5 for Devon Energy, spanning the last three months.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Devon Energy options trades today is 2367.0 with a total volume of 4,463.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Devon Energy's big money trades within a strike price range of $44.0 to $52.5 over the last 30 days.

Devon Energy Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
DVN CALL TRADE BULLISH 06/21/24 $47.50 $218.2K 5.0K 632
DVN PUT SWEEP BEARISH 01/17/25 $50.00 $113.9K 3.4K 262
DVN PUT SWEEP BEARISH 01/17/25 $50.00 $62.6K 3.4K 1.1K
DVN PUT SWEEP BEARISH 01/17/25 $50.00 $51.4K 3.4K 447
DVN PUT SWEEP BEARISH 01/17/25 $50.00 $48.2K 3.4K 317

About Devon Energy

Devon Energy Corp, 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.

Following our analysis of the options activities associated with Devon Energy, we pivot to a closer look at the company's own performance.

Current Position of Devon Energy

  • With a volume of 1,470,529, the price of DVN is up 0.72% at $49.14.
  • RSI indicators hint that the underlying stock may be overbought.
  • Next earnings are expected to be released in 35 days.

What The Experts Say On Devon Energy

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $58.333333333333336.

  • Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Devon Energy with a target price of $55.
  • An analyst from Stifel persists with their Buy rating on Devon Energy, maintaining a target price of $65.
  • An analyst from RBC Capital has revised its rating downward to Sector Perform, adjusting the price target to $55.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Devon Energy, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Strike Price
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Posted In: OptionsMarketsBZI-UOA
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