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 14 extraordinary options activities for ConocoPhillips. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 21% bearish. Among these notable options, 3 are puts, totaling $285,661, and 11 are calls, amounting to $758,987.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $100.0 and $140.0 for ConocoPhillips, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for ConocoPhillips options trades today is 550.64 with a total volume of 2,410.00.
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 $100.0 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 | 11/15/24 | $3.05 | $2.7 | $2.8 | $100.00 | $224.0K | 165 | 0 |
| COP | CALL | SWEEP | BULLISH | 06/21/24 | $2.75 | $2.45 | $2.75 | $107.00 | $187.5K | 5 | 1.9K |
| COP | CALL | SWEEP | BULLISH | 07/26/24 | $2.22 | $2.22 | $2.22 | $112.00 | $164.0K | 21 | 4 |
| COP | CALL | TRADE | NEUTRAL | 01/16/26 | $21.0 | $20.0 | $20.5 | $100.00 | $73.8K | 270 | 0 |
| COP | CALL | SWEEP | BULLISH | 01/16/26 | $14.05 | $11.9 | $14.05 | $115.00 | $70.2K | 283 | 0 |
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.
After a thorough review of the options trading surrounding ConocoPhillips, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of ConocoPhillips
- Trading volume stands at 5,505,067, with COP's price down by -1.35%, positioned at $109.39.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 48 days.
Professional Analyst Ratings for ConocoPhillips
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $152.6.
- An analyst from B of A Securities has revised its rating downward to Buy, adjusting the price target to $147.
- Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on ConocoPhillips with a target price of $165.
- Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on ConocoPhillips with a target price of $132.
- Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for ConocoPhillips, targeting a price of $160.
- In a cautious move, an analyst from Raymond James downgraded its rating to Strong Buy, setting a price target of $159.
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 ConocoPhillips 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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