Deep-pocketed investors have adopted a bearish 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 8 extraordinary options activities for ConocoPhillips. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 3 are puts, totaling $127,957, and 5 are calls, amounting to $309,130.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $105.0 to $145.0 for ConocoPhillips over the recent three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for ConocoPhillips options trades today is 488.62 with a total volume of 1,417.00.
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 $105.0 to $145.0 over the last 30 days.
ConocoPhillips 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| COP | CALL | TRADE | BULLISH | 08/16/24 | $2.4 | $2.33 | $2.4 | $130.00 | $144.0K | 396 | 1.0K |
| COP | CALL | SWEEP | BEARISH | 06/20/25 | $5.9 | $5.85 | $5.85 | $145.00 | $58.5K | 481 | 100 |
| COP | PUT | SWEEP | BEARISH | 06/20/25 | $6.9 | $6.8 | $6.9 | $110.00 | $49.6K | 1.6K | 83 |
| COP | PUT | SWEEP | BEARISH | 03/21/25 | $5.65 | $5.4 | $5.53 | $110.00 | $48.2K | 596 | 0 |
| COP | CALL | SWEEP | BEARISH | 03/21/25 | $8.65 | $8.6 | $8.6 | $130.00 | $43.0K | 3 | 50 |
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.
Following our analysis of the options activities associated with ConocoPhillips, we pivot to a closer look at the company's own performance.
Present Market Standing of ConocoPhillips
- Currently trading with a volume of 2,852,888, the COP's price is up by 0.14%, now at $121.22.
- RSI readings suggest the stock is currently may be oversold.
- Anticipated earnings release is in 78 days.
What The Experts Say On ConocoPhillips
In the last month, 5 experts released ratings on this stock with an average target price of $152.4.
- An analyst from Wells Fargo persists with their Overweight rating on ConocoPhillips, maintaining a target price of $151.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for ConocoPhillips, targeting a price of $157.
- Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for ConocoPhillips, targeting a price of $154.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on ConocoPhillips with a target price of $140.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on ConocoPhillips with a target price of $160.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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