Deep-pocketed investors have adopted a bearish approach towards Chevron CVX, 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 CVX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 19 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 52% bearish. Among these notable options, 6 are puts, totaling $554,167, and 13 are calls, amounting to $525,481.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $155.0 for Chevron over the last 3 months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Chevron stands at 2469.08, with a total volume reaching 6,836.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Chevron, situated within the strike price corridor from $100.0 to $155.0, throughout the last 30 days.
Chevron 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 |
|---|---|---|---|---|---|---|---|---|
| CVX | PUT | SWEEP | BULLISH | 02/16/24 | $135.00 | $242.5K | 6.9K | 1.9K |
| CVX | PUT | SWEEP | NEUTRAL | 02/16/24 | $150.00 | $98.3K | 3.0K | 161 |
| CVX | PUT | SWEEP | BULLISH | 01/16/26 | $105.00 | $87.0K | 199 | 0 |
| CVX | CALL | TRADE | NEUTRAL | 06/21/24 | $150.00 | $60.9K | 5.6K | 205 |
| CVX | CALL | TRADE | BULLISH | 06/21/24 | $150.00 | $55.1K | 5.6K | 146 |
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.
In light of the recent options history for Chevron, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Chevron
- Trading volume stands at 3,426,979, with CVX's price down by -1.61%, positioned at $147.98.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 25 days.
Expert Opinions on Chevron
2 market experts have recently issued ratings for this stock, with a consensus target price of $184.5.
- Consistent in their evaluation, an analyst from UBS keeps a Buy rating on Chevron with a target price of $185.
- An analyst from Jefferies has elevated its stance to Buy, setting a new price target at $184.
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 Chevron with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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