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 30% leaning bullish and 70% bearish. Among these notable options, 2 are puts, totaling $100,032, and 8 are calls, amounting to $562,088.
Expected Price Movements
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 $50.0 for Devon Energy over the last 3 months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $40.0 to $50.0 in the last 30 days.
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 | SWEEP | BEARISH | 11/17/23 | $40.00 | $159.9K | 1.3K | 1 |
| DVN | CALL | TRADE | BULLISH | 11/17/23 | $40.00 | $156.2K | 1.3K | 251 |
| DVN | CALL | SWEEP | BEARISH | 04/19/24 | $47.50 | $87.4K | 411 | 1 |
| DVN | PUT | SWEEP | BEARISH | 01/19/24 | $47.00 | $53.3K | 16.9K | 9 |
| DVN | PUT | SWEEP | BULLISH | 03/15/24 | $47.50 | $46.6K | 1.2K | 114 |
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.
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.
Present Market Standing of Devon Energy
- Currently trading with a volume of 3,296,856, the DVN's price is up by 0.31%, now at $45.88.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 90 days.
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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