Devon Energy's Options: A Look at What the Big Money is Thinking

Author: Benzinga Insights | April 03, 2024 12:00pm

Investors with a lot of money to spend have taken a bullish stance on Devon Energy (NYSE: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 15 uncommon options trades for Devon Energy.

This isn't normal.

The overall sentiment of these big-money traders is split between 53% bullish and 46%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $133,105, and 13 are calls, for a total amount of $529,508.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $47.5 to $80.0 for Devon Energy over the recent three months.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of Devon Energy stands at 5284.27, with a total volume reaching 7,187.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Devon Energy, situated within the strike price corridor from $47.5 to $80.0, throughout 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	SWEEP	BEARISH	07/19/24	$4.25	$4.15	$4.15	$50.00	$98.3K	1.8K	266
DVN	PUT	SWEEP	BEARISH	03/21/25	$7.3	$7.25	$7.3	$55.00	$81.7K	20	158
DVN	CALL	SWEEP	BEARISH	05/17/24	$1.91	$1.89	$1.9	$52.50	$58.3K	8.6K	668
DVN	PUT	SWEEP	BULLISH	01/17/25	$3.25	$3.15	$3.15	$47.50	$51.3K	8.5K	163
DVN	CALL	SWEEP	BULLISH	06/20/25	$0.89	$0.51	$0.89	$80.00	$45.6K	1.7K	597

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

• Trading volume stands at 2,645,657, with DVN's price up by 1.08%, positioned at $52.17.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 28 days.

Expert Opinions on Devon Energy

5 market experts have recently issued ratings for this stock, with a consensus target price of $56.6.

• An analyst from Citigroup persists with their Buy rating on Devon Energy, maintaining a target price of $55.
• An analyst from Wells Fargo upgraded its action to Overweight with a price target of $59.
• An analyst from Stifel has decided to maintain their Buy rating on Devon Energy, which currently sits at a price target of $65.
• An analyst from RBC Capital has revised its rating downward to Sector Perform, adjusting the price target to $55.
• An analyst from Morgan Stanley has decided to maintain their Overweight rating on Devon Energy, which currently sits at a price target of $49.

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.

Posted In: DVN