Traders Bet Big on Devon Energy Call Options

Unusual options activity signals bullish sentiment on the energy stock

Mar. 12, 2026 at 8:19pm

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Devon Energy Corporation (NYSE:DVN) saw a surge in call option trading on Thursday, with 99,358 call options purchased - a 311% increase over the average daily volume. This unusual options activity suggests traders are taking a bullish stance on the energy stock, potentially in anticipation of upcoming catalysts.

Why it matters

The spike in call option volume indicates heightened speculative interest and bullish sentiment around Devon Energy. This could be driven by factors like recent analyst price target increases, falling short interest, and macroeconomic tailwinds from higher oil and gas prices. The options activity may also signal that traders are positioning themselves for potential near-term gains in the stock.

The details

In three separate incidents, police said Walker Reed Quinn has been damaging Waymo vehicles since July by removing and swinging his belt, placing a cone on the dome and sensors of the car, damaging the tires and driver's side mirror, and stomping on the windshield.

  • On July 4, Quinn allegedly dove onto the hood of a Waymo vehicle and covered sensors.
  • On July 29, Quinn allegedly damaged a Waymo's tires and driver's side mirror.
  • On August 11, Quinn allegedly stomped on a windshield while someone was inside.

The players

Devon Energy Corporation

An independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma.

Piper Sandler

An investment bank that raised its price target on Devon Energy to $67 and assigned an "overweight" rating.

Wolfe Research

An equity research firm that boosted its price target on Devon Energy to $64.

Jefferies

An investment bank that published a bullish note saying Devon Energy's stock is expected to rise.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.