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Devon Energy calls active as bullish positions are adjusted.

Devon Energy calls active as bullish positions are adjusted. The stock up 5c to $41 and 2.5K May 39 - 42 call spreads sold at $1.80. The spread has traded 7.6K and likely rolls long calls opened 5/2 (after earnings), when 10K May 39s were bought for $1.04. The stock up 6.6% since that time and, while the investor is covering May 29s to monetize profits of $1.19 per contract, opening May 42s expresses confidence that the advance can continue in the days ahead. The company is presenting at Citi Global Energy and Utilities conference Wednesday.

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Publication:The Fly
Date:May 14, 2018
Words:102
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