Trader extends downside play in Devon
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optionMONSTER
By optionMONSTER Staff (media-support-team@optionmonster.com)
May 6, 2016 7:16 AM
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Related Quotes
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DVN
31.40
+0.64%
Devon Energy Corporation Watchlist
31.40+0.20(0.64%)
NYSEFri, May 6, 2016 4:01 PM EDT
Trader extends downside play in Devon
optionMONSTER 1 day 18 hrs ago
Devon Energy Reports $3.1B Loss, Increases Production Guidance
Oilprice.com 2 days 10 hrs ago
More
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Devon Energy.has rallied in recent months, but a large trade is positioning for a potential pullback.
optionMONSTER's tracking program detected the sale of 3,000 May 28 puts for $0.45 and the purchase of 3,000 June 28 puts for $1.20 yesterday. Volume was below open interest in the nearer-term contracts, indicating that a bearish position was rolled forward by a month for $0.75.
Long puts lock in the price where a stock can be sold, so they make money if shares decline. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)
DVN fell 0.35 percent to $31.20 yesterday but is up 19 percent in the last month. The oil and natural-gas producer reported mixed quarterly results on Tuesday but raised production guidance.
Overall option volume was about average in DVN yesterday, but puts outnumbered calls by a bearish 3-to-1 ratio.