Chevron's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish stance on Chevron CVX.

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 CVX, 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 20 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 60% bullish and 40%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $236,380, and 15 are calls, for a total amount of $760,791.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $120.0 to $180.0 for Chevron over the recent three months.

Insights into Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $120.0 to $180.0 in the last 30 days.

Chevron 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

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.

Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.

Present Market Standing of Chevron

• With a volume of 4,555,789, the price of CVX is down -0.03% at $154.62.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 60 days.

Expert Opinions on Chevron

2 market experts have recently issued ratings for this stock, with a consensus target price of $175.0.

• An analyst from DZ Bank downgraded its action to Hold with a price target of $160.
• An analyst from RBC Capital persists with their Outperform rating on Chevron, maintaining a target price of $190.

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 Chevron with Benzinga Pro for real-time alerts.