Deep-pocketed investors have adopted a bearish 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 20 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 30% leaning bullish and 60% bearish. Among these notable options, 12 are puts, totaling $503,625, and 8 are calls, amounting to $278,110.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $67.5 for Occidental Petroleum over the recent three 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 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 $50.0 to $67.5 over the preceding 30 days.
Occidental Petroleum Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | PUT | SWEEP | BEARISH | 09/20/24 | $5.1 | $5.0 | $5.1 | $60.00 | $104.0K | 16.7K | 161 |
| OXY | PUT | TRADE | NEUTRAL | 08/16/24 | $4.5 | $4.4 | $4.45 | $60.00 | $51.1K | 18.3K | 538 |
| OXY | PUT | TRADE | BEARISH | 06/20/25 | $4.9 | $4.7 | $4.9 | $55.00 | $49.0K | 8.8K | 107 |
| OXY | CALL | SWEEP | BULLISH | 09/20/24 | $0.53 | $0.52 | $0.53 | $62.50 | $47.7K | 25.2K | 1.6K |
| OXY | CALL | SWEEP | BULLISH | 09/20/24 | $2.14 | $2.1 | $2.14 | $57.50 | $42.8K | 3.2K | 592 |
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.
Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Occidental Petroleum
- Trading volume stands at 8,160,068, with OXY's price down by -2.13%, positioned at $56.44.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 2 days.
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 Occidental Petroleum with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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