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 9 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 22% leaning bullish and 66% bearish. Among these notable options, 5 are puts, totaling $319,770, and 4 are calls, amounting to $254,420.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $35.0 and $57.5 for Devon Energy, spanning the last three months.
Insights into Volume & Open Interest
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 $35.0 to $57.5 in the last 30 days.
Devon Energy Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DVN | PUT | TRADE | BULLISH | 02/21/25 | $1.54 | $1.31 | $1.4 | $35.00 | $92.3K | 10 | 0 |
| DVN | PUT | TRADE | BEARISH | 10/25/24 | $1.2 | $1.17 | $1.2 | $39.00 | $91.0K | 27 | 1.0K |
| DVN | PUT | SWEEP | BEARISH | 10/18/24 | $1.55 | $1.5 | $1.54 | $40.00 | $78.0K | 5.5K | 590 |
| DVN | CALL | TRADE | BEARISH | 03/21/25 | $3.9 | $3.75 | $3.8 | $40.00 | $77.5K | 109 | 751 |
| DVN | CALL | SWEEP | BULLISH | 01/16/26 | $1.57 | $1.49 | $1.57 | $55.00 | $62.8K | 1.5K | 403 |
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.
Current Position of Devon Energy
- With a trading volume of 2,905,712, the price of DVN is down by -2.51%, reaching $40.36.
- Current RSI values indicate that the stock is may be oversold.
- Next earnings report is scheduled for 56 days from now.
Professional Analyst Ratings for Devon Energy
In the last month, 4 experts released ratings on this stock with an average target price of $58.0.
- An analyst from RBC Capital has revised its rating downward to Sector Perform, adjusting the price target to $57.
- Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for Devon Energy, targeting a price of $63.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Devon Energy with a target price of $57.
- Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Devon Energy, targeting a price of $55.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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