Whales with a lot of money to spend have taken a noticeably bearish stance on Chevron.
Looking at options history for Chevron CVX we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 18% of the investors opened trades with bullish expectations and 81% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $912,140 and 8, calls, for a total amount of $533,476.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $145.0 and $175.0 for Chevron, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Chevron options trades today is 5290.67 with a total volume of 2,483.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Chevron's big money trades within a strike price range of $145.0 to $175.0 over the last 30 days.
Chevron Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVX | PUT | TRADE | BEARISH | 03/15/24 | $175.00 | $844.0K | 239 | 400 |
| CVX | CALL | SWEEP | BULLISH | 05/17/24 | $155.00 | $244.9K | 1.0K | 417 |
| CVX | CALL | TRADE | NEUTRAL | 05/17/24 | $160.00 | $66.8K | 3.1K | 275 |
| CVX | CALL | TRADE | BEARISH | 04/19/24 | $160.00 | $50.0K | 4.6K | 155 |
| CVX | CALL | TRADE | BULLISH | 06/21/24 | $145.00 | $40.0K | 12.5K | 31 |
About Chevron
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2022 stood at 11.2 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas.
Having examined the options trading patterns of Chevron, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Chevron
- With a volume of 4,567,219, the price of CVX is up 0.55% at $155.48.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 66 days.
What Analysts Are Saying About Chevron
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $166.66666666666666.
- An analyst from DZ Bank downgraded its action to Hold with a price target of $160.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Chevron with a target price of $190.
- An analyst from TD Cowen has revised its rating downward to Market Perform, adjusting the price target to $150.
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 Chevron options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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