A whale with a lot of money to spend has taken a noticeably bearish stance on ConocoPhillips.
Looking at options history for ConocoPhillips COP we detected 26 strange trades.
If we consider the specifics of each trade, it is accurate to state that 42% of the investors opened trades with bullish expectations and 57% with bearish.
From the overall spotted trades, 19 are puts, for a total amount of $1,915,751 and 7, calls, for a total amount of $312,487.
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 $92.5 to $155.0 for ConocoPhillips over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for ConocoPhillips options trades today is 1923.33 with a total volume of 13,410.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for ConocoPhillips's big money trades within a strike price range of $92.5 to $155.0 over the last 30 days.
ConocoPhillips Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| COP | PUT | SWEEP | NEUTRAL | 06/16/23 | $92.50 | $490.4K | 4.7K | 2.4K |
| COP | PUT | SWEEP | NEUTRAL | 06/16/23 | $92.50 | $249.1K | 4.7K | 4 |
| COP | PUT | SWEEP | BULLISH | 01/17/25 | $97.50 | $167.0K | 1.2K | 0 |
| COP | PUT | SWEEP | BULLISH | 06/16/23 | $92.50 | $166.9K | 4.7K | 910 |
| COP | CALL | SWEEP | BEARISH | 06/16/23 | $105.00 | $105.4K | 9.4K | 671 |
Where Is ConocoPhillips Standing Right Now?
- With a volume of 5,700,930, the price of COP is down -3.55% at $98.89.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 2 days.
What The Experts Say On ConocoPhillips:
- UBS downgraded its action to Buy with a price target of $139
- Societe Generale upgraded its action to Hold with a price target of $105
- B of A Securities has decided to maintain their Buy rating on ConocoPhillips, which currently sits at a price target of $145.
- Piper Sandler has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $140.
- Morgan Stanley has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $122.
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 ConocoPhillips, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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