Investors with a lot of money to spend have taken a bullish stance on ConocoPhillips (NYSE:COP).
And retail traders should know.
We noticed this today when the trades 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 COP, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 8 uncommon options trades for ConocoPhillips.
This isn't normal.
The overall sentiment of these big-money traders is split between 62% bullish and 12%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $58,000, and 6 are calls, for a total amount of $403,009.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $115.0 for ConocoPhillips over the last 3 months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of ConocoPhillips stands at 2488.4, with a total volume reaching 1,746.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in ConocoPhillips, situated within the strike price corridor from $100.0 to $115.0, throughout the last 30 days.
ConocoPhillips Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| COP | CALL | SWEEP | BULLISH | 07/19/24 | $1.01 | $1.0 | $1.01 | $115.00 | $101.0K | 6.5K | 1.0K |
| COP | CALL | TRADE | BULLISH | 12/18/26 | $27.95 | $23.55 | $27.01 | $100.00 | $81.0K | 3 | 0 |
| COP | CALL | SWEEP | NEUTRAL | 07/19/24 | $1.09 | $0.96 | $1.02 | $115.00 | $72.9K | 6.5K | 1.0K |
| COP | CALL | SWEEP | NEUTRAL | 08/02/24 | $2.92 | $2.89 | $2.9 | $113.00 | $64.9K | 28 | 2 |
| COP | CALL | TRADE | BEARISH | 06/18/26 | $27.5 | $23.8 | $23.8 | $100.00 | $47.6K | 20 | 0 |
About ConocoPhillips
ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.
Following our analysis of the options activities associated with ConocoPhillips, we pivot to a closer look at the company's own performance.
ConocoPhillips's Current Market Status
- Currently trading with a volume of 4,187,539, the COP's price is down by -1.93%, now at $112.55.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 27 days.
Expert Opinions on ConocoPhillips
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $147.0.
- An analyst from B of A Securities has revised its rating downward to Buy, adjusting the price target to $147.
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 ConocoPhillips with Benzinga Pro for real-time alerts.