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

Investors with a lot of money to spend have taken a bearish stance on Occidental Petroleum OXY.

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 OXY, 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 17 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 41% bullish and 52%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $829,442, and 11 are calls, for a total amount of $632,382.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $80.0 for Occidental Petroleum during the past quarter.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $60.0 to $80.0, over the past month.

Occidental Petroleum Option Activity Analysis: 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 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.

Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Present Market Standing of Occidental Petroleum

• Trading volume stands at 3,982,810, with OXY's price down by -0.59%, positioned at $65.75.
• RSI indicators show the stock to be may be approaching oversold.
• Earnings announcement expected in 6 days.

What Analysts Are Saying About Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $79.0.

• An analyst from Susquehanna has decided to maintain their Positive rating on Occidental Petroleum, which currently sits at a price target of $81.
• An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $70.
• Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Occidental Petroleum, targeting a price of $84.
• An analyst from Scotiabank upgraded its action to Sector Outperform with a price target of $90.
• Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $70.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Occidental Petroleum options trades with real-time alerts from Benzinga Pro.