Devon Energy's Options Frenzy: What You Need to Know

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 10 trades.

If we consider the specifics of each trade, it is accurate to state that 40% of the investors opened trades with bullish expectations and 40% with bearish.

From the overall spotted trades, 3 are puts, for a total amount of $159,360 and 7, calls, for a total amount of $334,843.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $55.0 for Devon Energy over the last 3 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 $30.0 to $55.0 in the last 30 days.

Devon Energy Call and Put Volume: 30-Day Overview

Options Call Chart

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
DVN	CALL	TRADE	BEARISH	02/21/25	$8.4	$8.1	$8.1	$32.50	$81.0K	0	0
DVN	PUT	SWEEP	NEUTRAL	10/18/24	$16.7	$14.55	$15.7	$55.00	$78.5K	0	0
DVN	CALL	SWEEP	BEARISH	10/04/24	$0.22	$0.2	$0.22	$40.50	$55.8K	11.4K	2.8K
DVN	CALL	SWEEP	BULLISH	10/18/24	$0.99	$0.96	$0.99	$40.00	$52.8K	5.0K	1.1K
DVN	CALL	SWEEP	BULLISH	10/04/24	$0.56	$0.51	$0.55	$39.50	$50.8K	1.1K	934

About Devon Energy

Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. At the end of 2023, Devon reported net proved reserves of 1.8 billion barrels of oil equivalent. Net production averaged roughly 658,000 barrels of oil equivalent per day in 2023 at a ratio of 73% oil and natural gas liquids and 27% natural gas.

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

Trading volume stands at 5,749,066, with DVN’s price up by 1.48%, positioned at $39.7.
RSI indicators show the stock to be may be approaching oversold.
Earnings announcement expected in 35 days.

Expert Opinions on Devon Energy

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $52.4.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* An analyst from UBS persists with their Neutral rating on Devon Energy, maintaining a target price of $47.
* Consistent in their evaluation, an analyst from Susquehanna keeps a Positive rating on Devon Energy with a target price of $63.
* An analyst from Morgan Stanley persists with their Overweight rating on Devon Energy, maintaining a target price of $51.
* An analyst from Evercore ISI Group persists with their In-Line rating on Devon Energy, maintaining a target price of $50.
* Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Devon Energy, targeting a price of $51.

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.

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