Investors with a lot of money to spend have taken a bullish 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 27 options trades for Phillips 66.
This isn't normal.
The overall sentiment of these big-money traders is split between 77% bullish and 22%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $58,225, and 26, calls, for a total amount of $2,377,619.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $135.0 for Phillips 66 over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Phillips 66 options trades today is 2359.67 with a total volume of 51,885.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Phillips 66's big money trades within a strike price range of $70.0 to $135.0 over the last 30 days.
Phillips 66 Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PSX | CALL | SWEEP | BEARISH | 02/16/24 | $135.00 | $301.8K | 13.5K | 1.9K |
| PSX | CALL | SWEEP | BEARISH | 02/16/24 | $135.00 | $245.1K | 13.5K | 4.1K |
| PSX | CALL | SWEEP | BEARISH | 03/15/24 | $135.00 | $232.4K | 244 | 2.7K |
| PSX | CALL | SWEEP | BULLISH | 02/16/24 | $135.00 | $143.0K | 13.5K | 4.4K |
| PSX | CALL | SWEEP | BULLISH | 03/15/24 | $135.00 | $133.7K | 244 | 1 |
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.
Having examined the options trading patterns of Phillips 66, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Phillips 66 Standing Right Now?
- Currently trading with a volume of 1,351,413, the PSX's price is up by 1.41%, now at $131.7.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 44 days.
Expert Opinions on Phillips 66
1 market experts have recently issued ratings for this stock, with a consensus target price of $150.0.
- An analyst from TD Cowen has decided to maintain their Outperform rating on Phillips 66, which currently sits at a price target of $150.
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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