Spotlight on ConocoPhillips: Analyzing the Surge in Options Activity

Deep-pocketed investors have adopted a bullish approach towards ConocoPhillips COP, 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 COP usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for ConocoPhillips. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 75% leaning bullish and 25% bearish. Among these notable options, 2 are puts, totaling $94,239, and 6 are calls, amounting to $234,749.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $110.0 to $113.0 for ConocoPhillips over the recent three months.

Analyzing Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for ConocoPhillips's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across ConocoPhillips's significant trades, within a strike price range of $110.0 to $113.0, over the past month.

ConocoPhillips Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

About ConocoPhillips

ConocoPhillips is a U.S.-based independent exploration and production firm. In 2022, 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 2022 were 6.6 billion barrels of oil equivalent.

After a thorough review of the options trading surrounding ConocoPhillips, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

ConocoPhillips's Current Market Status

• With a volume of 1,207,399, the price of COP is down -0.04% at $111.11.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 80 days.

Professional Analyst Ratings for ConocoPhillips

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $130.0.

• Consistent in their evaluation, an analyst from Raymond James keeps a Strong Buy rating on ConocoPhillips with a target price of $137.
• An analyst from Susquehanna persists with their Positive rating on ConocoPhillips, maintaining a target price of $133.
• Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for ConocoPhillips, targeting a price of $120.

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.