Investors with a lot of money to spend have taken a bearish stance on Phillips 66 PSX.
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 PSX, 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 8 uncommon options trades for Phillips 66.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $71,640, and 6 are calls, for a total amount of $707,495.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $85.0 to $175.0 for Phillips 66 over the recent three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Phillips 66 stands at 235.25, with a total volume reaching 360.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Phillips 66, situated within the strike price corridor from $85.0 to $175.0, throughout the last 30 days.
Phillips 66 Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | CALL | SWEEP | BULLISH | 07/19/24 | $11.8 | $11.5 | $11.5 | $150.00 | $296.7K | 163 | 294 |
| PSX | CALL | TRADE | NEUTRAL | 04/19/24 | $9.8 | $9.2 | $9.5 | $145.00 | $272.6K | 773 | 14 |
| PSX | PUT | SWEEP | BEARISH | 01/17/25 | $17.1 | $16.8 | $17.0 | $160.00 | $44.2K | 14 | 21 |
| PSX | CALL | SWEEP | BULLISH | 08/16/24 | $3.7 | $3.6 | $3.7 | $175.00 | $37.0K | 309 | 1 |
| PSX | CALL | TRADE | BEARISH | 01/17/25 | $73.2 | $69.7 | $71.1 | $85.00 | $35.5K | 63 | 0 |
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.
Having examined the options trading patterns of Phillips 66, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Phillips 66's Current Market Status
- With a volume of 1,239,930, the price of PSX is down 0.0% at $157.25.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 8 days.
Professional Analyst Ratings for Phillips 66
In the last month, 5 experts released ratings on this stock with an average target price of $166.2.
- Consistent in their evaluation, an analyst from Goldman Sachs keeps a Buy rating on Phillips 66 with a target price of $174.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $179.
- Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Phillips 66, targeting a price of $156.
- Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on Phillips 66 with a target price of $167.
- An analyst from Barclays persists with their Equal-Weight rating on Phillips 66, maintaining a target price of $155.
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 Phillips 66 with Benzinga Pro for real-time alerts.
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