Investors with a lot of money to spend have taken a bearish stance on Phillips 66 PSX.
And retail traders should know.
We noticed this today when the positions 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 PSX, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 11 options trades for Phillips 66.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $78,853, and 10, calls, for a total amount of $718,550.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $72.5 and $140.0 for Phillips 66, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Phillips 66 stands at 715.0, with a total volume reaching 2,009.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Phillips 66, situated within the strike price corridor from $72.5 to $140.0, throughout the last 30 days.
Phillips 66 Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PSX | CALL | TRADE | BEARISH | 01/19/24 | $125.00 | $136.4K | 3.4K | 645 |
| PSX | CALL | TRADE | BULLISH | 05/17/24 | $115.00 | $116.5K | 333 | 0 |
| PSX | CALL | SWEEP | BULLISH | 01/16/26 | $140.00 | $95.4K | 7 | 66 |
| PSX | CALL | TRADE | NEUTRAL | 06/21/24 | $135.00 | $87.0K | 420 | 155 |
| PSX | PUT | SWEEP | BEARISH | 01/16/26 | $135.00 | $78.8K | 4 | 48 |
About Phillips 66
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.9 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility will cease operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
Present Market Standing of Phillips 66
- Currently trading with a volume of 4,173,682, the PSX's price is up by 4.73%, now at $128.0.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 61 days.
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 Phillips 66, 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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