Occidental Petroleum's Options: A Look at What the Big Money is Thinking

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 20 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 25% bullish and 70%, bearish.

Out of all of the special options we uncovered, 8 are puts, for a total amount of $1,274,147, and 12 are calls, for a total amount of $1,230,220.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $30.0 to $67.5 for Occidental Petroleum during the past quarter.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Occidental Petroleum stands at 4763.57, with a total volume reaching 8,472.00. 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 $30.0 to $67.5, 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.

Occidental Petroleum's Current Market Status

• With a trading volume of 5,455,701, the price of OXY is down by 0.0%, reaching $51.72.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 25 days from now.

Professional Analyst Ratings for Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $62.4.

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. * An analyst from Barclays has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $58. * An analyst from Susquehanna has decided to maintain their Positive rating on Occidental Petroleum, which currently sits at a price target of $77. * Maintaining their stance, an analyst from BMO Capital continues to hold a Market Perform rating for Occidental Petroleum, targeting a price of $65. * Consistent in their evaluation, an analyst from Truist Securities keeps a Hold rating on Occidental Petroleum with a target price of $56. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $56.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Occidental Petroleum, Benzinga Pro gives you real-time options trades alerts.