A Closer Look at Occidental Petroleum's Options Market Dynamics

Whales with a lot of money to spend have taken a noticeably bearish stance on Occidental Petroleum.

Looking at options history for Occidental Petroleum OXY we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 55% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $91,950 and 7, calls, for a total amount of $412,190.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $55.0 to $67.0 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 2809.62, with a total volume reaching 1,404.00. 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 $55.0 to $67.0, throughout the last 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

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 4.0 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.

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

Where Is Occidental Petroleum Standing Right Now?

• With a trading volume of 3,322,418, the price of OXY is down by -0.53%, reaching $60.36.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 63 days from now.

Expert Opinions on Occidental Petroleum

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $71.0.

• In a cautious move, an analyst from Stephens & Co. downgraded its rating to Overweight, setting a price target of $74.
• An analyst from Truist Securities has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $77.
• Consistent in their evaluation, an analyst from Wells Fargo keeps a Equal-Weight rating on Occidental Petroleum with a target price of $62.

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.

If you want to stay updated on the latest options trades for Occidental Petroleum, Benzinga Pro gives you real-time options trades alerts.