Someone with a lot of money to spend has taken a bearish stance on ConocoPhillips COP.
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 COP, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 12 options trades for ConocoPhillips.
This isn't normal.
The overall sentiment of these big-money traders is split between 41% bullish and 58%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $1,575,000, and 11, calls, for a total amount of $680,870..
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 $130.0 for ConocoPhillips over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ConocoPhillips'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 ConocoPhillips's whale trades within a strike price range from $105.0 to $130.0 in 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 | TRADE | NEUTRAL | 01/17/25 | $125.00 | $1.5M | 295 | 1.0K |
| COP | CALL | TRADE | BULLISH | 11/17/23 | $115.00 | $121.0K | 5.9K | 126 |
| COP | CALL | TRADE | NEUTRAL | 02/16/24 | $120.00 | $71.4K | 524 | 71 |
| COP | CALL | SWEEP | BEARISH | 10/20/23 | $120.00 | $70.1K | 2.3K | 388 |
| COP | CALL | SWEEP | BULLISH | 10/20/23 | $120.00 | $68.7K | 2.3K | 532 |
Where Is ConocoPhillips Standing Right Now?
- With a volume of 3,922,039, the price of COP is up 1.16% at $123.55.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 58 days.
What The Experts Say On ConocoPhillips:
- Mizuho has decided to maintain their Neutral rating on ConocoPhillips, which currently sits at a price target of $135.
- Jefferies has decided to maintain their Buy rating on ConocoPhillips, which currently sits at a price target of $141.
- UBS has decided to maintain their Buy rating on ConocoPhillips, which currently sits at a price target of $147.
- RBC Capital downgraded its action to Outperform with a price target of $130
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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