Spotlight on Occidental Petroleum: Analyzing the Surge in Options Activity

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 13 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 30% bullish and 46%, bearish.

Out of all of the special options we uncovered, 11 are puts, for a total amount of $549,965, and 2 are calls, for a total amount of $211,500.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $27.5 to $67.5 for Occidental Petroleum over the recent three months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Occidental Petroleum's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Occidental Petroleum's whale activity within a strike price range from $27.5 to $67.5 in the last 30 days.

Occidental Petroleum Option Activity Analysis: Last 30 Days

Biggest Options Spotted:

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 1,327 thousand barrels of oil equivalent per day in 2024 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

Occidental Petroleum's Current Market Status

• With a volume of 1,683,355, the price of OXY is down -0.06% at $46.5.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 50 days.

What Analysts Are Saying About Occidental Petroleum

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $58.6.

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 Piper Sandler persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $50. * In a cautious move, an analyst from Raymond James downgraded its rating to Outperform, setting a price target of $64. * Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Occidental Petroleum, targeting a price of $56. * Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on Occidental Petroleum with a target price of $52. * In a cautious move, an analyst from Stephens & Co. downgraded its rating to Overweight, setting a price target of $71.

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 Occidental Petroleum options trades with real-time alerts from Benzinga Pro.