Occidental Petroleum's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish 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 9 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 44% bullish and 33%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $344,322, and 6 are calls, for a total amount of $288,910.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $75.0 for Occidental Petroleum over the last 3 months.

Insights into 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 Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $40.0 to $75.0, over the past month.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

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

Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of Occidental Petroleum

• With a volume of 3,998,828, the price of OXY is up 1.33% at $49.48.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 36 days.

Expert Opinions on 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 $55.0.

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. * An analyst from JP Morgan persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $52. * Consistent in their evaluation, an analyst from Piper Sandler keeps a Neutral rating on Occidental Petroleum with a target price of $50. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Occidental Petroleum, targeting a price of $58. * An analyst from Citigroup persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $51. * An analyst from Raymond James has revised its rating downward to Outperform, adjusting the price target to $64.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Occidental Petroleum with Benzinga Pro for real-time alerts.