Investors with a lot of money to spend have taken a bullish stance on Chevron CVX.
And retail traders should know.
We noticed this today when the trades 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 CVX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 10 uncommon options trades for Chevron.
This isn't normal.
The overall sentiment of these big-money traders is split between 70% bullish and 30%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $377,210, and 7 are calls, for a total amount of $446,847.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $95.0 to $165.0 for Chevron during the past quarter.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Chevron's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chevron's significant trades, within a strike price range of $95.0 to $165.0, over the past month.
Chevron Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVX | PUT | TRADE | BULLISH | 02/16/24 | $140.00 | $313.5K | 12.3K | 77 |
| CVX | CALL | SWEEP | BULLISH | 02/16/24 | $95.00 | $196.5K | 59 | 35 |
| CVX | CALL | SWEEP | BULLISH | 09/20/24 | $130.00 | $63.3K | 88 | 0 |
| CVX | CALL | SWEEP | BEARISH | 01/05/24 | $150.00 | $56.2K | 3.3K | 543 |
| CVX | CALL | SWEEP | BEARISH | 03/15/24 | $160.00 | $34.7K | 6.0K | 213 |
About Chevron
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2022 stood at 11.2 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas.
Having examined the options trading patterns of Chevron, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Chevron
- Currently trading with a volume of 2,844,067, the CVX's price is down by -0.04%, now at $149.42.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 30 days.
What The Experts Say On Chevron
1 market experts have recently issued ratings for this stock, with a consensus target price of $185.0.
- Maintaining their stance, an analyst from UBS continues to hold a Buy rating for Chevron, targeting a price of $185.
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 Chevron, 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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