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 44 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 27% leaning bullish and 63% bearish. Among these notable options, 40 are puts, totaling $1,596,366, and 4 are calls, amounting to $237,877.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $47.5 and $57.5 for Devon Energy, spanning the last three months.
Analyzing 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 $47.5 to $57.5 in the last 30 days.
Devon Energy Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DVN | CALL | TRADE | BEARISH | 09/20/24 | $7.85 | $5.0 | $6.1 | $47.50 | $97.6K | 13.1K | 0 |
| DVN | PUT | SWEEP | BEARISH | 01/17/25 | $7.15 | $7.1 | $7.1 | $55.00 | $72.4K | 1.1K | 997 |
| DVN | PUT | TRADE | BEARISH | 01/17/25 | $7.05 | $6.95 | $7.05 | $55.00 | $71.9K | 1.1K | 743 |
| DVN | PUT | TRADE | BEARISH | 01/17/25 | $7.15 | $6.95 | $7.15 | $55.00 | $71.5K | 1.1K | 447 |
| DVN | PUT | SWEEP | BEARISH | 01/17/25 | $7.1 | $7.05 | $7.1 | $55.00 | $71.0K | 1.1K | 742 |
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 2023, net production totaled roughly 658 thousand boe/d, of which oil and natural gas liquids made up roughly three-quarters of production, with natural gas accounting for the remainder.
Devon Energy's Current Market Status
- With a trading volume of 9,169,207, the price of DVN is down by -0.12%, reaching $50.34.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 89 days from now.
What The Experts Say On Devon Energy
5 market experts have recently issued ratings for this stock, with a consensus target price of $65.2.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Devon Energy, targeting a price of $66.
- An analyst from Susquehanna persists with their Positive rating on Devon Energy, maintaining a target price of $65.
- An analyst from Stifel has decided to maintain their Buy rating on Devon Energy, which currently sits at a price target of $66.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Devon Energy, targeting a price of $60.
- An analyst from Truist Securities has decided to maintain their Buy rating on Devon Energy, which currently sits at a price target of $69.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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