High-rolling investors have positioned themselves bullish on Occidental Petroleum (NYSE:OXY), and it's important for retail traders to take note.\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in OXY often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Occidental Petroleum. This is not a typical pattern.
The sentiment among these major traders is split, with 87% bullish and 0% bearish. Among all the options we identified, there was one put, amounting to $30,560, and 7 calls, totaling $719,565.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $45.0 to $70.0 for Occidental Petroleum over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Occidental Petroleum stands at 4198.5, with a total volume reaching 4,599.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Occidental Petroleum, situated within the strike price corridor from $45.0 to $70.0, throughout the last 30 days.
Occidental Petroleum Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | CALL | SWEEP | BULLISH | 09/20/24 | $2.3 | $2.03 | $2.3 | $62.50 | $460.2K | 16.0K | 0 |
| OXY | CALL | SWEEP | BULLISH | 06/20/25 | $3.6 | $3.5 | $3.6 | $70.00 | $54.0K | 2.7K | 5 |
| OXY | CALL | TRADE | BULLISH | 09/20/24 | $2.51 | $2.48 | $2.5 | $62.50 | $50.0K | 16.0K | 2.0K |
| OXY | CALL | TRADE | BULLISH | 08/16/24 | $1.9 | $1.85 | $1.88 | $62.50 | $47.0K | 5.1K | 90 |
| OXY | CALL | SWEEP | BULLISH | 09/20/24 | $2.32 | $2.27 | $2.32 | $62.50 | $46.3K | 16.0K | 2.2K |
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.
In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Occidental Petroleum
- Currently trading with a volume of 830,064, the OXY's price is down by -0.47%, now at $61.5.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 30 days.
What The Experts Say On Occidental Petroleum
In the last month, 1 experts released ratings on this stock with an average target price of $69.0.
- An analyst from Wells Fargo persists with their Equal-Weight rating on Occidental Petroleum, maintaining a target price of $69.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.