Investors with significant funds have taken a bullish position in Phillips 66 PSX, a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in PSX usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 8 options transactions for Phillips 66. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 50% being bullish and 37% bearish. Of all the options we discovered, 7 are puts, valued at $823,964, and there was a single call, worth $34,750.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $105.0 to $155.0 for Phillips 66 over the last 3 months.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Phillips 66's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Phillips 66's substantial trades, within a strike price spectrum from $105.0 to $155.0 over the preceding 30 days.
Phillips 66 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | PUT | TRADE | BEARISH | 06/14/24 | $17.0 | $15.7 | $17.0 | $155.00 | $340.0K | 0 | 200 |
| PSX | PUT | TRADE | BEARISH | 06/14/24 | $17.1 | $15.5 | $17.1 | $155.00 | $171.0K | 0 | 200 |
| PSX | PUT | TRADE | BULLISH | 01/16/26 | $6.3 | $5.9 | $6.0 | $105.00 | $120.0K | 51 | 200 |
| PSX | PUT | TRADE | BULLISH | 12/20/24 | $1.65 | $1.5 | $1.54 | $105.00 | $61.6K | 138 | 400 |
| PSX | PUT | TRADE | BULLISH | 12/20/24 | $1.65 | $1.5 | $1.54 | $105.00 | $58.5K | 138 | 380 |
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.
After a thorough review of the options trading surrounding Phillips 66, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Phillips 66 Standing Right Now?
- With a trading volume of 731,622, the price of PSX is down by -0.11%, reaching $138.04.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 62 days from now.
What Analysts Are Saying About Phillips 66
2 market experts have recently issued ratings for this stock, with a consensus target price of $165.0.
- An analyst from Raymond James persists with their Outperform rating on Phillips 66, maintaining a target price of $160.
- An analyst from Piper Sandler persists with their Overweight rating on Phillips 66, maintaining a target price of $170.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Phillips 66, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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