Decoding Chevron's Options Activity: What's the Big Picture?

Deep-pocketed investors have adopted a bullish approach towards Chevron CVX, 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 CVX 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 Chevron. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 64% leaning bullish and 35% bearish. Among these notable options, 4 are puts, totaling $175,475, and 10 are calls, amounting to $750,501.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $110.0 to $175.0 for Chevron over the recent 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 Chevron's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chevron's significant trades, within a strike price range of $110.0 to $175.0, over the past month.

Chevron Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

About Chevron

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.

Current Position of Chevron

• Currently trading with a volume of 1,728,624, the CVX's price is up by 0.13%, now at $151.14.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 29 days.

What The Experts Say On Chevron

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $173.0.

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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. * An analyst from Barclays persists with their Overweight rating on Chevron, maintaining a target price of $168. * An analyst from Truist Securities has decided to maintain their Hold rating on Chevron, which currently sits at a price target of $150. * Consistent in their evaluation, an analyst from UBS keeps a Buy rating on Chevron with a target price of $189. * An analyst from Wells Fargo persists with their Overweight rating on Chevron, maintaining a target price of $169. * An analyst from Mizuho has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $189.

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