Deep-pocketed investors have adopted a bullish approach towards Occidental Petroleum OXY, 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 OXY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 16 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 7 are puts, totaling $981,999, and 9 are calls, amounting to $306,825.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $75.0 for Occidental Petroleum, spanning the last three months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Occidental Petroleum options trades today is 4170.33 with a total volume of 2,771.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Occidental Petroleum's big money trades within a strike price range of $30.0 to $75.0 over the last 30 days.
Occidental Petroleum Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| OXY | PUT | SWEEP | BEARISH | 01/17/25 | $75.00 | $472.5K | 641 | 281 |
| OXY | PUT | TRADE | BEARISH | 04/19/24 | $60.00 | $210.0K | 3.8K | 0 |
| OXY | PUT | TRADE | BULLISH | 01/19/24 | $62.50 | $95.1K | 7.5K | 350 |
| OXY | PUT | TRADE | BEARISH | 01/17/25 | $45.00 | $65.5K | 11.6K | 112 |
| OXY | PUT | SWEEP | BULLISH | 01/17/25 | $50.00 | $55.4K | 7.0K | 24 |
About Occidental Petroleum
Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2022, the company reported net proved reserves of 3.8 billion barrels of oil equivalent. Net production averaged 1,159 thousand barrels of oil equivalent per day in 2022 at a ratio of 75% oil and natural gas liquids and 25% natural gas.
Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Occidental Petroleum
- With a volume of 4,125,806, the price of OXY is down -1.71% at $57.93.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 49 days.
What Analysts Are Saying About Occidental Petroleum
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $69.75.
- An analyst from Morgan Stanley has elevated its stance to Overweight, setting a new price target at $68.
- An analyst from Truist Securities persists with their Buy rating on Occidental Petroleum, maintaining a target price of $78.
- An analyst from Raymond James persists with their Strong Buy rating on Occidental Petroleum, maintaining a target price of $70.
- An analyst from Mizuho has revised its rating downward to Neutral, adjusting the price target to $63.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Occidental Petroleum options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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