Unpacking the Latest Options Trading Trends in Devon Energy

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 10% leaning bullish and 90% bearish. Among these notable options, 6 are puts, totaling $464,735, and 4 are calls, amounting to $174,709.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $42.5 to $55.0 for Devon Energy over the recent three months.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Devon Energy's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Devon Energy's significant trades, within a strike price range of $42.5 to $55.0, over the past month.

Devon Energy Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

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.

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

Where Is Devon Energy Standing Right Now?

• Currently trading with a volume of 2,578,151, the DVN's price is up by 1.38%, now at $45.5.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 75 days.

Professional Analyst Ratings for 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 $54.8.

• Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Devon Energy with a target price of $61.
• Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Devon Energy, targeting a price of $65.
• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Devon Energy, targeting a price of $48.
• An analyst from Wells Fargo persists with their Equal-Weight rating on Devon Energy, maintaining 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 $52.

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.