Behind the Scenes of Devon Energy's Latest Options Trends

Author: Benzinga Insights | June 04, 2024 11:31am

Whales with a lot of money to spend have taken a noticeably bearish stance on Devon Energy.

Looking at options history for Devon Energy (NYSE:DVN) we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 22% of the investors opened trades with bullish expectations and 66% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $126,652 and 7, calls, for a total amount of $397,916.

Predicted Price Range

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 $60.0 for Devon Energy over the last 3 months.

Insights into 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 $47.5 to $60.0 over the preceding 30 days.

Devon Energy 30-Day Option Volume & Interest Snapshot

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	SWEEP	NEUTRAL	01/16/26	$2.74	$2.66	$2.66	$60.00	$132.3K	1.9K	505
DVN	PUT	SWEEP	BEARISH	03/21/25	$5.15	$5.05	$5.15	$47.50	$99.3K	861	259
DVN	CALL	SWEEP	BEARISH	01/16/26	$2.77	$2.6	$2.65	$60.00	$92.9K	1.9K	999
DVN	CALL	SWEEP	BULLISH	03/21/25	$3.3	$3.2	$3.3	$50.00	$38.9K	1.1K	195
DVN	CALL	SWEEP	BEARISH	01/16/26	$2.68	$2.6	$2.67	$60.00	$37.8K	1.9K	647

About Devon Energy

Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. At the end of 2023, Devon reported net proved reserves of 1.8 billion barrels of oil equivalent. Net production averaged roughly 658,000 barrels of oil equivalent per day in 2023 at a ratio of 73% oil and natural gas liquids and 27% natural gas.

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.

Present Market Standing of Devon Energy

• With a volume of 2,512,192, the price of DVN is down -1.77% at $46.24.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 56 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 $59.666666666666664.

• Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Devon Energy with a target price of $61.
• An analyst from RBC Capital persists with their Sector Perform rating on Devon Energy, maintaining a target price of $57.
• An analyst from Mizuho has decided to maintain their Buy rating on Devon Energy, which currently sits at a price target of $61.

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.

Posted In: DVN