Dear Reader,
In the January 25 issue, we recommended puts on Devon Energy Corp. (NYSE: DVN), a leading independent oil and natural gas exploration and production company with operations focused onshore in the United States.
Prices have continued to fall from the big run-up after the China reopening excitement faded.
Devon Energy reported adjusted fourth-quarter earnings of $1.66 per share, which missed estimates of $1.75 per share.
That’s a negative number given the amount of gas they are producing.
So, now is a good time to lock in some profits on our DVN puts.
***Action to take: “Sell to close” the DVN January 19, 2024 $60 put option.
A sell order should get filled near $11.22.
Based on our official cost of $8.53, we have a 31% gain after only 23 days of holding this option. (Note: Your gains may be more or less depending on when you execute this trade)
Congratulations on your profits!
We still have two other official positions we are monitoring for favorable exit points: puts on Union Pacific and Westlake.
Good Hunting,
Freedom Financial News