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Today, we’re opening a new bullish trade on Devon Energy (NYSE:DVN). Strong reports from Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) have been pushing the smaller components in the oil and energy sector higher.
While we are a little concerned that the stocks with the stronger fundamentals are closer to “fully priced,” some of the smaller firms that have struggled over the last few years have lagged and could present some very attractive upside.
We plan to trade the DVN breakout very carefully, but now that the news is out on some of the larger firms, upside to the $50 range seems likely.
Buy to open the DVN March 45 Call (DVN180316C00045000) for a maximum price of $1.95.
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