Whales with a lot of money to spend have taken a noticeably bullish stance on Devon Energy.
Looking at options history for Devon Energy DVN we detected 13 trades.
If we consider the specifics of each trade, it is accurate to state that 53% of the investors opened trades with bullish expectations and 46% with bearish.
From the overall spotted trades, 7 are puts, for a total amount of $333,968 and 6, calls, for a total amount of $284,370.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $40.0 to $55.0 for Devon Energy over the recent three months.
Analyzing Volume & Open Interest
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 $40.0 to $55.0, over the past month.
Devon Energy 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| DVN | CALL | TRADE | BULLISH | 01/17/25 | $40.00 | $81.0K | 1.1K | 110 |
| DVN | PUT | SWEEP | BEARISH | 06/21/24 | $47.50 | $68.8K | 8.1K | 247 |
| DVN | CALL | SWEEP | BULLISH | 01/17/25 | $50.00 | $55.1K | 4.3K | 158 |
| DVN | PUT | SWEEP | BEARISH | 09/20/24 | $47.50 | $53.8K | 6 | 88 |
| DVN | CALL | TRADE | BULLISH | 07/19/24 | $55.00 | $47.2K | 833 | 450 |
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.
Devon Energy's Current Market Status
- Currently trading with a volume of 3,971,919, the DVN's price is down by -2.27%, now at $44.9.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 36 days.
What Analysts Are Saying About Devon Energy
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $51.0.
- Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Devon Energy, targeting a price of $48.
- An analyst from Raymond James has decided to maintain their Outperform rating on Devon Energy, which currently sits at a price target of $53.
- An analyst from Morgan Stanley has elevated its stance to Overweight, setting a new price target at $52.
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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