Behind the Scenes of Devon Energy's Latest Options Trends

Devon Energy Corporation -0.95% Pre

Devon Energy Corporation





-0.02% Pre

Investors with a lot of money to spend have taken a bearish stance on Devon Energy (NYSE: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 8 uncommon 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 special options we uncovered, 5 are puts, for a total amount of $369,738, and 3 are calls, for a total amount of $115,343.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $42.5 to $60.0 for Devon Energy over the recent three months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $42.5 to $60.0 in the last 30 days.

Devon Energy Call and Put Volume: 30-Day Overview

Options Call Chart

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
DVN PUT TRADE BEARISH 03/15/24 $42.50 $163.2K 4.7K 1.2K
DVN PUT SWEEP BEARISH 07/19/24 $47.50 $87.8K 920 4
DVN CALL SWEEP BEARISH 01/19/24 $50.00 $55.8K 27.0K 2.4K
DVN PUT SWEEP NEUTRAL 01/19/24 $48.00 $48.1K 282 362
DVN PUT SWEEP NEUTRAL 01/19/24 $48.00 $38.6K 282 168

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.

Where Is Devon Energy Standing Right Now?

  • Currently trading with a volume of 4,696,477, the DVN's price is down by -0.62%, now at $46.11.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 47 days.

Professional Analyst Ratings for Devon Energy

In the last month, 5 experts released ratings on this stock with an average target price of $51.8.

  • In a positive move, an analyst from Morgan Stanley has upgraded their rating to Overweight and adjusted the price target to $52.
  • An analyst from JP Morgan upgraded its action to Overweight with a price target of $58.
  • Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on Devon Energy with a target price of $48.
  • Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Devon Energy with a target price of $48.
  • Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Devon Energy with a target price of $53.

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.

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