Deep-pocketed investors have adopted a bearish approach towards ConocoPhillips COP, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in COP usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 21 extraordinary options activities for ConocoPhillips. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 38% leaning bullish and 61% bearish. Among these notable options, 13 are puts, totaling $1,424,400, and 8 are calls, amounting to $472,286.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $65.0 and $130.0 for ConocoPhillips, spanning the last three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for ConocoPhillips options trades today is 2176.0 with a total volume of 13,351.00.
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 $65.0 to $130.0 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 | TRADE | BEARISH | 11/17/23 | $115.00 | $495.0K | 6.8K | 4.1K |
| COP | PUT | SWEEP | BULLISH | 11/17/23 | $115.00 | $371.1K | 6.8K | 1.1K |
| COP | PUT | SWEEP | BEARISH | 11/17/23 | $115.00 | $147.0K | 6.8K | 1.1K |
| COP | CALL | SWEEP | BULLISH | 01/19/24 | $100.00 | $133.3K | 3.5K | 0 |
| COP | CALL | TRADE | BEARISH | 06/21/24 | $120.00 | $105.1K | 769 | 2 |
About ConocoPhillips
ConocoPhillips is a U.S.-based independent exploration and production firm. In 2022, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2022 were 6.6 billion barrels of oil equivalent.
In light of the recent options history for ConocoPhillips, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is ConocoPhillips Standing Right Now?
- Currently trading with a volume of 2,554,709, the COP's price is down by -0.9%, now at $113.99.
- RSI readings suggest the stock is currently may be oversold.
- Anticipated earnings release is in 77 days.
Expert Opinions on ConocoPhillips
In the last month, 2 experts released ratings on this stock with an average target price of $143.5.
- An analyst from Susquehanna has decided to maintain their Positive rating on ConocoPhillips, which currently sits at a price target of $152.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for ConocoPhillips, targeting a price of $135.
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 ConocoPhillips with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
