Occidental Petroleum's Options Frenzy: What You Need to Know

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

And retail traders should know.

We noticed this today when the positions 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.

Today, Benzinga's options scanner spotted 12 options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 33%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $34,000, and 11, calls, for a total amount of $629,865.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $37.5 to $70.0 for Occidental Petroleum over the recent three months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Occidental Petroleum stands at 6769.5, with a total volume reaching 14,642.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Occidental Petroleum, situated within the strike price corridor from $37.5 to $70.0, throughout the last 30 days.

Occidental Petroleum Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

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

Occidental Petroleum's Current Market Status

• Currently trading with a volume of 6,480,224, the OXY's price is up by 1.82%, now at $52.48.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 35 days.

What The Experts Say On Occidental Petroleum

5 market experts have recently issued ratings for this stock, with a consensus target price of $65.6.

Turn $1000 into $1270 in just 20 days?

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 Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $56. * Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Occidental Petroleum with a target price of $59. * Consistent in their evaluation, an analyst from Susquehanna keeps a Positive rating on Occidental Petroleum with a target price of $78. * An analyst from Evercore ISI Group persists with their Underperform rating on Occidental Petroleum, maintaining a target price of $63. * Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on Occidental Petroleum with a target price of $72.

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.