Occidental Petroleum's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bullish approach towards Occidental Petroleum 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 22 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 59% leaning bullish and 40% bearish. Among these notable options, 4 are puts, totaling $237,268, and 18 are calls, amounting to $933,931.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $80.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Occidental Petroleum's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Occidental Petroleum's substantial trades, within a strike price spectrum from $40.0 to $80.0 over the preceding 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

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.

In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Present Market Standing of Occidental Petroleum

• Currently trading with a volume of 3,917,152, the OXY's price is up by 0.67%, now at $61.55.
• RSI readings suggest the stock is currently may be overbought.
• Anticipated earnings release is in 55 days.

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.

• An analyst from Stephens & Co. downgraded its action to Overweight with a price target of $74.
• An analyst from Wells Fargo persists with their Equal-Weight rating on Occidental Petroleum, maintaining a target price of $62.
• An analyst from Truist Securities has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $77.

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.