Devon Energy's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish 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 11 uncommon options trades for Devon Energy.

This isn't normal.

The overall sentiment of these big-money traders is split between 54% bullish and 45%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $432,606, and 2 are calls, for a total amount of $171,706.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $22.5 to $50.0 for Devon Energy over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Devon Energy options trades today is 6129.62 with a total volume of 6,380.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Devon Energy's big money trades within a strike price range of $22.5 to $50.0 over the last 30 days.

Devon Energy Option Activity Analysis: 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.

Present Market Standing of Devon Energy

• With a volume of 4,583,089, the price of DVN is down -1.4% at $44.36.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 60 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 $57.2.

• Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Devon Energy, targeting a price of $48.
• An analyst from UBS has decided to maintain their Neutral rating on Devon Energy, which currently sits at a price target of $48.
• An analyst from Morgan Stanley upgraded its action to Overweight with a price target of $52.
• Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Devon Energy, targeting a price of $61.
• Maintaining their stance, an analyst from Stifel continues to hold a Buy rating for Devon Energy, targeting a price of $77.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Devon Energy with Benzinga Pro for real-time alerts.