Deep-pocketed investors have adopted a bullish approach towards ConocoPhillips COP, 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 COP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for ConocoPhillips. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 45% leaning bullish and 45% bearish. Among these notable options, 5 are puts, totaling $259,547, and 6 are calls, amounting to $386,200.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $120.0 and $140.0 for ConocoPhillips, spanning the last three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for ConocoPhillips options trades today is 678.0 with a total volume of 1,771.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for ConocoPhillips's big money trades within a strike price range of $120.0 to $140.0 over the last 30 days.
ConocoPhillips Option Activity Analysis: 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| COP | PUT | TRADE | BULLISH | 05/10/24 | $9.6 | $9.2 | $9.2 | $130.00 | $127.8K | 408 | 142 |
| COP | CALL | SWEEP | BEARISH | 11/15/24 | $8.25 | $8.1 | $8.1 | $125.00 | $98.0K | 305 | 0 |
| COP | CALL | TRADE | BEARISH | 06/21/24 | $4.85 | $4.8 | $4.8 | $120.00 | $96.0K | 3.1K | 490 |
| COP | CALL | SWEEP | BULLISH | 06/07/24 | $1.37 | $1.23 | $1.26 | $127.00 | $87.5K | 11 | 695 |
| COP | PUT | TRADE | BEARISH | 11/15/24 | $20.4 | $19.6 | $20.4 | $140.00 | $53.0K | 0 | 26 |
About ConocoPhillips
ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.
In light of the recent options history for ConocoPhillips, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is ConocoPhillips Standing Right Now?
- Currently trading with a volume of 2,516,403, the COP's price is down by -0.61%, now at $121.5.
- RSI readings suggest the stock is currently may be oversold.
- Anticipated earnings release is in 90 days.
Professional Analyst Ratings for ConocoPhillips
5 market experts have recently issued ratings for this stock, with a consensus target price of $153.4.
- An analyst from Scotiabank has decided to maintain their Sector Perform rating on ConocoPhillips, which currently sits at a price target of $135.
- Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for ConocoPhillips, targeting a price of $170.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $151.
- An analyst from Piper Sandler persists with their Overweight rating on ConocoPhillips, maintaining a target price of $157.
- An analyst from Susquehanna persists with their Positive rating on ConocoPhillips, maintaining a target price of $154.
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 ConocoPhillips with Benzinga Pro for real-time alerts.
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