Occidental Petroleum Options Trading: A Deep Dive into Market Sentiment

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 12 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 41% leaning bullish and 8% bearish. Among these notable options, 9 are puts, totaling $1,229,045, and 3 are calls, amounting to $139,810.

Projected Price Targets

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 $65.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Occidental Petroleum's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Occidental Petroleum's substantial trades, within a strike price spectrum from $55.0 to $65.0 over the preceding 30 days.

Occidental Petroleum Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

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.

Following our analysis of the options activities associated with Occidental Petroleum, we pivot to a closer look at the company's own performance.

Current Position of Occidental Petroleum

• With a trading volume of 1,293,769, the price of OXY is down by -0.17%, reaching $60.38.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 50 days from now.

What Analysts Are Saying About Occidental Petroleum

3 market experts have recently issued ratings for this stock, with a consensus target price of $70.0.

• An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $76.
• An analyst from Citigroup persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $65.
• An analyst from Truist Securities downgraded its action to Hold with a price target of $69.

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 Occidental Petroleum, Benzinga Pro gives you real-time options trades alerts.