Deep-pocketed investors have adopted a bearish approach towards Occidental Petroleum (NYSE:OXY), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in OXY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 13 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 30% leaning bullish and 53% bearish. Among these notable options, 3 are puts, totaling $361,865, and 10 are calls, amounting to $895,203.
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 $55.0 to $65.0 for Occidental Petroleum over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $55.0 to $65.0, over the past month.
Occidental Petroleum Option Activity Analysis: 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 | PUT | TRADE | BULLISH | 08/23/24 | $0.39 | $0.34 | $0.35 | $56.00 | $175.0K | 16 | 5.0K |
| OXY | PUT | TRADE | BEARISH | 01/17/25 | $1.55 | $1.51 | $1.54 | $55.00 | $154.0K | 22.5K | 1.0K |
| OXY | CALL | SWEEP | BEARISH | 01/17/25 | $2.53 | $2.47 | $2.49 | $65.00 | $124.5K | 9.6K | 2.2K |
| OXY | CALL | SWEEP | BEARISH | 01/17/25 | $2.55 | $2.48 | $2.48 | $65.00 | $124.3K | 9.6K | 4.7K |
| OXY | CALL | TRADE | BEARISH | 01/17/25 | $2.53 | $2.45 | $2.48 | $65.00 | $124.0K | 9.6K | 1.7K |
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.
After a thorough review of the options trading surrounding Occidental Petroleum, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Occidental Petroleum
- Trading volume stands at 3,997,870, with OXY's price down by -0.04%, positioned at $60.51.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 12 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Occidental Petroleum options trades with real-time alerts from Benzinga Pro.