This Is What Whales Are Betting On Chevron

Someone with a lot of money to spend has taken a bearish stance on Chevron CVX.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CVX, it often means somebody knows something is about to happen.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 20 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 30% bullish and 70%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $1,059,400, and 16 are calls, for a total amount of $1,108,860.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $105.0 to $185.0 for Chevron over the last 3 months.

Volume & Open Interest Development

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 Chevron'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 Chevron's whale activity within a strike price range from $105.0 to $185.0 in the last 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
CVX PUT TRADE BEARISH 11/18/22 $155.00 $565.0K 2.1K 1.0K
CVX PUT SWEEP BULLISH 09/23/22 $165.00 $371.6K 45 1.0K
CVX CALL TRADE BEARISH 10/21/22 $170.00 $210.0K 5.5K 625
CVX CALL TRADE BEARISH 01/20/23 $170.00 $203.0K 4.3K 268
CVX CALL SWEEP BEARISH 11/18/22 $185.00 $167.4K 1.3K 837

Where Is Chevron Standing Right Now?

  • With a volume of 3,548,875, the price of CVX is up 2.2% at $163.5.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 46 days.

What The Experts Say On Chevron:

  • Cowen & Co. has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $120.
  • Piper Sandler has decided to maintain their Overweight rating on Chevron, which currently sits at a price target of $190.
  • Morgan Stanley has decided to maintain their Equal-Weight rating on Chevron, which currently sits at a price target of $187.
  • Morgan Stanley has decided to maintain their Equal-Weight rating on Chevron, which currently sits at a price target of $193.

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 Chevron, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date of Trade
▲▼
ticker
▲▼
Put/Call
▲▼
Strike Price
▲▼
DTE
▲▼
Sentiment
▲▼
Posted In: OptionsMarketsBZI-UOA
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!