This Is What Whales Are Betting On Occidental Petroleum

Investors with a lot of money to spend have taken a bearish stance on Occidental Petroleum OXY.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with OXY, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 28 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 32% bullish and 57%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $207,995, and 25 are calls, for a total amount of $1,088,878.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $35.0 and $70.0 for Occidental Petroleum, spanning the last three months.

Analyzing Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $35.0 to $70.0, over the past month.

Occidental Petroleum 30-Day Option Volume & Interest Snapshot

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.

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

• Currently trading with a volume of 11,038,290, the OXY's price is down by -2.37%, now at $51.16.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 41 days.

What The Experts Say On Occidental Petroleum

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $69.66666666666667.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for Occidental Petroleum, targeting a price of $78. * Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Occidental Petroleum with a target price of $59. * Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Occidental Petroleum, targeting a price of $72.

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.