Devon Energy Sees Unusually Large Options Volume (NYSE:DVN)

Devon Energy Corporation (NYSE:DVN) was the target of some unusual options trading on Wednesday. Investors bought 36,923 call options on the stock. This is an increase of approximately 56% compared to the typical volume of 23,690 call options.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: The companies announced a definitive all‑stock merger to form a ~$58 billion Delaware/Permian‑focused shale giant, a transformational deal that markets view as scale‑accretive and synergy‑driving. Coterra Energy and Devon Energy Seal $58 Billion Merger Deal
• Positive Sentiment: Analyst upgrades and big price‑target raises (notably Wolfe Research to $57 and Susquehanna to $47) are reinforcing bullish momentum and signaling investor confidence in the combined company’s cash generation. Wolfe Research Adjusts Price Target on Devon Energy to $57 From $49 Susquehanna Adjusts Devon Energy Price Target to $47
• Positive Sentiment: Coverage notes and analyst upgrades pushed DVN to a fresh 12‑month high after brokers reiterated/raised ratings, adding short‑term buying pressure. Devon Energy Reaches New 12‑Month High After Analyst Upgrade
• Positive Sentiment: Major shareholder Kimmeridge publicly backed the merger, which reduces perceived deal risk and supports the thesis that the combination can unlock value. KIMMERIDGE COMMENTS ON PROPOSED MERGER OF COTERRA AND DEVON
• Neutral Sentiment: Analyst/industry pieces frame the deal as a reshaping of the U.S. shale playbook; this supports a longer‑term consolidation narrative but doesn’t guarantee immediate operational upside. Devon, Coterra Merger Redraws the 2026 U.S. Shale Playbook
• Neutral Sentiment: Sector M&A activity and large Delaware Basin deals at peer companies are keeping investor attention on scale plays and may indirectly benefit DVN via higher valuation multiples for consolidation winners. Houston energy company lands massive Delaware Basin deal worth billions
• Negative Sentiment: A shareholder class‑action investigation into the merger was announced, introducing legal and disclosure risk that could delay closing or create costs. Investors should weigh this near‑term downside against deal benefits. Shareholder Alert: Investigation of Devon Energy Corporation

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Siebert Williams Shank lifted their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Royal Bank Of Canada set a $42.00 price target on shares of Devon Energy and gave the company a “sector perform” rating in a report on Friday, October 10th. Zacks Research cut shares of Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Johnson Rice lowered their target price on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, December 5th. Finally, Argus upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.97.

Institutional Trading of Devon Energy

Institutional investors have recently bought and sold shares of the stock. Woodline Partners LP grew its holdings in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Devon Energy during the second quarter worth about $403,000. Ameritas Advisory Services LLC bought a new position in shares of Devon Energy in the second quarter valued at approximately $65,000. QRG Capital Management Inc. boosted its holdings in shares of Devon Energy by 1.2% in the 2nd quarter. QRG Capital Management Inc. now owns 144,382 shares of the energy company’s stock worth $4,593,000 after acquiring an additional 1,756 shares in the last quarter. Finally, Capital Advisors Inc. OK grew its position in Devon Energy by 4.5% during the 2nd quarter. Capital Advisors Inc. OK now owns 26,000 shares of the energy company’s stock worth $827,000 after acquiring an additional 1,114 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN traded up $2.24 on Wednesday, reaching $43.35. 10,398,189 shares of the stock traded hands, compared to its average volume of 11,271,453. The stock’s 50-day moving average price is $37.18 and its 200-day moving average price is $35.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The firm has a market cap of $27.19 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 3.66 and a beta of 0.61. Devon Energy has a 12 month low of $25.89 and a 12 month high of $43.68.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The company had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the prior year, the company posted $1.10 EPS. Equities analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.