Investors with a lot of money to spend have taken a bullish stance on Occidental Petroleum (NYSE:OXY).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with OXY, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 10 options trades for Occidental Petroleum.
This isn't normal.
The overall sentiment of these big-money traders is split between 60% bullish and 30%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $69,800, and 9, calls, for a total amount of $804,195.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $85.0 for Occidental Petroleum during the past quarter.
Analyzing Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Occidental Petroleum's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Occidental Petroleum's whale activity within a strike price range from $60.0 to $85.0 in the last 30 days.
Occidental Petroleum 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
OXY | CALL | SWEEP | BEARISH | 07/19/24 | $3.65 | $3.55 | $3.6 | $60.00 | $180.0K | 7.5K | 1.7K |
OXY | CALL | TRADE | BEARISH | 07/19/24 | $3.75 | $3.6 | $3.65 | $60.00 | $170.4K | 7.5K | 1.2K |
OXY | CALL | SWEEP | BULLISH | 07/19/24 | $3.75 | $3.7 | $3.75 | $60.00 | $142.1K | 7.5K | 234 |
OXY | CALL | SWEEP | BEARISH | 07/19/24 | $3.8 | $3.6 | $3.7 | $60.00 | $74.0K | 7.5K | 1 |
OXY | PUT | SWEEP | BULLISH | 08/16/24 | $7.1 | $6.95 | $6.98 | $70.00 | $69.8K | 9 | 0 |
About Occidental Petroleum
Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2023, the company reported net proved reserves of nearly 4 billion barrels of oil equivalent. Net production averaged 1,234 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.
Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Occidental Petroleum
With a trading volume of 1,782,714, the price of OXY is up by 0.73%, reaching $63.15.
Current RSI values indicate that the stock is may be approaching overbought.
Next earnings report is scheduled for 33 days from now.
Expert Opinions on Occidental Petroleum
1 market experts have recently issued ratings for this stock, with a consensus target price of $69.0.
Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $69.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Occidental Petroleum with Benzinga Pro for real-time alerts.