Market Whales and Their Recent Bets on CVX Options

Deep-pocketed investors have adopted a bullish 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 21 extraordinary options activities for Chevron. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 76% leaning bullish and 23% bearish. Among these notable options, 13 are puts, totaling $620,914, and 8 are calls, amounting to $506,312.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $130.0 to $165.0 for Chevron over the last 3 months.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of Chevron stands at 6800.44, with a total volume reaching 4,689.00. 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 $130.0 to $165.0, throughout the last 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

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

Chevron's Current Market Status

• With a trading volume of 3,547,357, the price of CVX is down by -0.14%, reaching $144.19.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 66 days from now.

What The Experts Say On Chevron

In the last month, 5 experts released ratings on this stock with an average target price of $186.4.

• An analyst from B of A Securities upgraded its action to Buy with a price target of $200.
• Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Chevron with a target price of $175.
• Showing optimism, an analyst from Bernstein upgrades its rating to Outperform with a revised price target of $182.
• In a cautious move, an analyst from RBC Capital downgraded its rating to Outperform, setting a price target of $180.
• Consistent in their evaluation, an analyst from Mizuho keeps a Buy rating on Chevron with a target price of $195.

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.