Check Out What Whales Are Doing With OXY

Deep-pocketed investors have adopted a bearish approach towards Occidental Petroleum OXY, 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 OXY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 27 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 25% leaning bullish and 66% bearish. Among these notable options, 12 are puts, totaling $1,654,155, and 15 are calls, amounting to $911,281.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $45.0 to $67.5 for Occidental Petroleum over the last 3 months.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Occidental Petroleum options trades today is 4460.96 with a total volume of 13,002.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Occidental Petroleum's big money trades within a strike price range of $45.0 to $67.5 over the last 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

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.

In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Present Market Standing of Occidental Petroleum

• Currently trading with a volume of 4,085,232, the OXY's price is down by -1.74%, now at $51.2.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 20 days.

What The Experts Say On Occidental Petroleum

5 market experts have recently issued ratings for this stock, with a consensus target price of $63.2.

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. * An analyst from Evercore ISI Group has decided to maintain their Underperform rating on Occidental Petroleum, which currently sits at a price target of $63. * 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 Scotiabank continues to hold a Sector Outperform rating for Occidental Petroleum, targeting a price of $65. * Reflecting concerns, an analyst from Goldman Sachs lowers its rating to Neutral with a new price target of $55. * An analyst from Wells Fargo persists with their Equal-Weight rating on Occidental Petroleum, maintaining a target 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.