Looking At Devon Energy's Recent Unusual Options Activity

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 trades 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.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 30 uncommon options trades for Devon Energy.

This isn't normal.

The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $355,346, and 23 are calls, for a total amount of $1,789,166.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $45.0 to $65.0 for Devon Energy during the past quarter.

Analyzing Volume & Open Interest

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 $45.0 to $65.0 over the preceding 30 days.

Devon Energy Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
DVN CALL TRADE BEARISH 12/20/24 $10.95 $9.55 $9.6 $45.00 $288.0K 778 300
DVN PUT SWEEP BULLISH 05/17/24 $3.25 $3.2 $3.25 $55.00 $141.0K 469 434
DVN CALL SWEEP BULLISH 01/17/25 $7.8 $7.75 $7.8 $50.00 $134.9K 6.3K 185
DVN CALL TRADE BULLISH 12/20/24 $1.64 $1.58 $1.64 $65.00 $131.2K 246 822
DVN CALL TRADE BULLISH 01/16/26 $10.55 $10.05 $10.42 $50.00 $125.0K 2.0K 350

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.

Devon Energy's Current Market Status

  • With a volume of 3,740,819, the price of DVN is up 0.21% at $52.65.
  • RSI indicators hint that the underlying stock may be overbought.
  • Next earnings are expected to be released in 26 days.

What The Experts Say On Devon Energy

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $60.0.

  • Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for Devon Energy, targeting a price of $55.
  • Showing optimism, an analyst from Wells Fargo upgrades its rating to Overweight with a revised price target of $59.
  • An analyst from Truist Securities persists with their Buy rating on Devon Energy, maintaining a target price of $66.
  • In a cautious move, an analyst from RBC Capital downgraded its rating to Sector Perform, setting a price target of $55.
  • An analyst from Stifel persists with their Buy rating on Devon Energy, maintaining a target price of $65.

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.

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