Deep-pocketed investors have adopted a bullish approach towards Phillips 66 PSX, 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 PSX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Phillips 66. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 44% bearish. Among these notable options, 5 are puts, totaling $222,150, and 4 are calls, amounting to $194,100.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $145.0 to $175.0 for Phillips 66 during the past quarter.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Phillips 66 options trades today is 981.4 with a total volume of 736.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Phillips 66's big money trades within a strike price range of $145.0 to $175.0 over the last 30 days.
Phillips 66 Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | CALL | SWEEP | BEARISH | 08/16/24 | $12.4 | $12.0 | $12.1 | $170.00 | $62.9K | 357 | 103 |
| PSX | PUT | TRADE | BULLISH | 08/16/24 | $11.1 | $10.8 | $10.9 | $170.00 | $61.0K | 642 | 119 |
| PSX | CALL | TRADE | BEARISH | 08/16/24 | $12.3 | $12.0 | $12.1 | $170.00 | $56.8K | 357 | 0 |
| PSX | PUT | TRADE | BULLISH | 08/16/24 | $11.1 | $10.8 | $10.9 | $170.00 | $55.5K | 642 | 2 |
| PSX | PUT | TRADE | BEARISH | 08/16/24 | $10.9 | $10.6 | $10.8 | $170.00 | $51.8K | 642 | 129 |
About Phillips 66
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
After a thorough review of the options trading surrounding Phillips 66, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Phillips 66 Standing Right Now?
- With a volume of 521,326, the price of PSX is down -0.13% at $170.52.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 18 days.
Professional Analyst Ratings for Phillips 66
5 market experts have recently issued ratings for this stock, with a consensus target price of $177.4.
- An analyst from Goldman Sachs persists with their Buy rating on Phillips 66, maintaining a target price of $174.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Phillips 66, targeting a price of $187.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Neutral rating on Phillips 66 with a target price of $180.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Phillips 66 with a target price of $179.
- Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Phillips 66, targeting a price of $167.
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 Phillips 66, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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