Check Out What Whales Are Doing With DVN

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 13 uncommon options trades for Devon Energy.

This isn't normal.

The overall sentiment of these big-money traders is split between 61% bullish and 38%, bearish.

Out of all of the special options we uncovered, 10 are puts, for a total amount of $803,128, and 3 are calls, for a total amount of $91,293.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $60.0 for Devon Energy over the last 3 months.

Analyzing 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 $40.0 to $60.0 over the preceding 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.

Having examined the options trading patterns of Devon Energy, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Present Market Standing of Devon Energy

• With a volume of 3,911,282, the price of DVN is down -0.74% at $41.37.
• RSI indicators hint that the underlying stock may be oversold.
• Next earnings are expected to be released in 41 days.

Professional Analyst Ratings for Devon Energy

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $53.0.

• An analyst from Raymond James has decided to maintain their Outperform rating on Devon Energy, which currently sits at a price target of $53.
• Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Devon Energy, targeting a price of $53.

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.