Deep-pocketed investors have adopted a bullish approach towards Occidental Petroleum OXY, 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 OXY 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 Occidental Petroleum. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 33% bearish. Among these notable options, 4 are puts, totaling $581,844, and 5 are calls, amounting to $899,919.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $70.0 for Occidental Petroleum over the last 3 months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Occidental Petroleum stands at 2424.17, with a total volume reaching 5,517.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Occidental Petroleum, situated within the strike price corridor from $55.0 to $70.0, throughout the last 30 days.
Occidental Petroleum Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | CALL | TRADE | BEARISH | 06/21/24 | $2.38 | $2.33 | $2.34 | $62.50 | $643.5K | 6.6K | 2.8K |
| OXY | PUT | SWEEP | BEARISH | 05/31/24 | $2.73 | $2.5 | $2.66 | $66.00 | $211.8K | 151 | 800 |
| OXY | PUT | SWEEP | BULLISH | 06/21/24 | $5.95 | $5.75 | $5.83 | $69.00 | $186.2K | 0 | 320 |
| OXY | PUT | SWEEP | NEUTRAL | 05/31/24 | $2.74 | $2.58 | $2.67 | $66.00 | $157.1K | 151 | 800 |
| OXY | CALL | TRADE | BULLISH | 01/16/26 | $15.25 | $14.1 | $15.15 | $55.00 | $121.2K | 259 | 0 |
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.
In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Occidental Petroleum's Current Market Status
- Trading volume stands at 1,831,089, with OXY's price down by -0.32%, positioned at $63.37.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 71 days.
Professional Analyst Ratings for Occidental Petroleum
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $73.0.
- An analyst from Susquehanna persists with their Positive rating on Occidental Petroleum, maintaining a target price of $81.
- An analyst from Truist Securities has revised its rating downward to Hold, adjusting the price target to $69.
- Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Occidental Petroleum, targeting a price of $76.
- An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $71.
- Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $68.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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