Let’s try this again!
We rolled our Devon Energy (DVN) put last week to avoid assignment.
We can close the position now with a nice profit, exceeding our 26% annualized rate of return goal. Given this is a volatile stock tied to the price of oil, I am recommending we do so.
Current Stock Price: $60.03
Cash in Hand: $1.36
Action: Buy to close the DVN Aug Monthly (8/19) 57 Put
Current Option Price: $0.95-$1
Recommended Limit: Set your initial limit order at $0.98, but adjust as needed to close today
Profit: $0.38, or $38 per contract
Rate of Return: 0.7% in eight days, or 30% on an annualized basis