DVN – Devon Energy Corp. – Shares of the independent oil and gas exploration and production company are up 2.95% to $63.45 as of 12:20 pm (ET) after earlier rallying 3.35% to touch an intraday high of $63.69. The rebound in the price of the underlying shares today perhaps spurred investor demand for near-term call options. Optimistic options traders anticipating continued upward momentum in Devon’s share price picked up 1,000 calls at the June $65 strike for an average premium of $1.01 apiece. Investors long these contracts stand ready to accrue profits if the firm’s shares rally another 4% over the current price of $63.45 to surpass the average breakeven price of $66.01 by June expiration. Buying interest spread to the higher June $67.5 strike where bullish traders purchased approximately 2,300 call options at an average premium of $0.47 each. Higher-strike call buyers make money if Devon Energy Corp.’s shares jump 7.10% to exceed the breakeven point at $67.97 by expiration. Shares of the underlying stock last surpassed $67.97 back on May 13, 2010, when DVN traded at an intraday high of $69.30.