Investors in Devon Energy Corp. (DVN) witnessed new options trading begin today for the April 2027 expiration. Notably, a put contract at the $47.50 strike price currently holds a bid of $2.41, allowing sellers to potentially purchase shares at an effective price of $45.09. This puts the strike price approximately 4% below the current trading price of $49.54, with a 63% chance that the contract may expire worthless.
On the call side, a contract at the $50.00 strike price has a bid of $4.25. If an investor buys shares at $49.54 and sells this call, they could see a total return of 9.51% if the stock is called away at expiration. The likelihood of this call expiring worthless stands at 45%. The implied volatility for the put and call contracts is 36% and 37%, respectively, while the trailing 12-month volatility is calculated at 35%.
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