What the Options Market Tells Us About Chevron

Whales with a lot of money to spend have taken a noticeably bearish stance on Chevron.

Looking at options history for Chevron CVX we detected 11 trades.

If we consider the specifics of each trade, it is accurate to state that 36% of the investors opened trades with bullish expectations and 45% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $75,600 and 9, calls, for a total amount of $312,559.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $95.0 to $160.0 for Chevron over the recent three months.

Insights into 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 Chevron's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Chevron's substantial trades, within a strike price spectrum from $95.0 to $160.0 over the preceding 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

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.

After a thorough review of the options trading surrounding Chevron, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Chevron

• With a volume of 2,016,496, the price of CVX is up 0.63% at $151.69.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 25 days.

What Analysts Are Saying About Chevron

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

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from Mizuho keeps a Outperform rating on Chevron with a target price of $189. * An analyst from Barclays has decided to maintain their Overweight rating on Chevron, which currently sits at a price target of $168. * Maintaining their stance, an analyst from UBS continues to hold a Buy rating for Chevron, targeting a price of $189. * An analyst from Truist Securities has decided to maintain their Hold rating on Chevron, which currently sits at a price target of $150. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Chevron, targeting a price of $169.

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 Chevron options trades with real-time alerts from Benzinga Pro.