Devon Energy draws volatility play
A large volatility play is targeting Devon Energy.
optionMONSTER systems show that 4,700 January 70 puts were apparently sold for $1.95 today. The volume was above the strike's previous open interest, so this is new positioning.
Less than 2 minutes later, a block of 117,500 DVN shares traded for $77.72. That balanced the delta of the puts, creating an overall position that is focused more on volatility than the direction of the stock. (See our Education section)
DVN is down 1.54 percent to $78.18 in midday trading. The oil and natural-gas company hit a three-year high of $80.63 last week and haven't been below $70 since the start of May.
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