Deep-pocketed investors have adopted a bearish 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 35% leaning bullish and 57% bearish. Among these notable options, 4 are puts, totaling $169,201, and 10 are calls, amounting to $950,940.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $90.0 to $115.0 for ConocoPhillips over the last 3 months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for ConocoPhillips's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across ConocoPhillips's significant trades, within a strike price range of $90.0 to $115.0, over the past month.
ConocoPhillips 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| COP | CALL | SWEEP | BULLISH | 10/04/24 | $6.65 | $6.6 | $6.65 | $97.00 | $232.7K | 350 | 350 |
| COP | CALL | SWEEP | BULLISH | 11/01/24 | $2.71 | $2.51 | $2.63 | $106.00 | $191.7K | 4 | 729 |
| COP | CALL | SWEEP | BEARISH | 12/20/24 | $7.85 | $7.8 | $7.8 | $100.00 | $158.3K | 64 | 308 |
| COP | CALL | SWEEP | BEARISH | 12/20/24 | $7.85 | $7.8 | $7.8 | $100.00 | $74.8K | 64 | 498 |
| COP | PUT | TRADE | BULLISH | 02/21/25 | $5.25 | $5.05 | $5.05 | $100.00 | $65.6K | 226 | 243 |
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.
Following our analysis of the options activities associated with ConocoPhillips, we pivot to a closer look at the company's own performance.
Present Market Standing of ConocoPhillips
- Currently trading with a volume of 3,140,217, the COP's price is up by 1.96%, now at $104.32.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 34 days.
Expert Opinions on ConocoPhillips
5 market experts have recently issued ratings for this stock, with a consensus target price of $137.6.
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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.
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