Chevron Unusual Options Activity

Investors with a lot of money to spend have taken a bearish stance on Chevron CVX.

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 CVX, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 26 options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 46% bullish and 53%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $44,500, and 25, calls, for a total amount of $10,303,082.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $90.0 to $155.0 for Chevron during the past quarter.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Chevron stands at 4163.0, with a total volume reaching 12,699.00. 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 $90.0 to $155.0, throughout the last 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

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

Present Market Standing of Chevron

• Currently trading with a volume of 3,598,509, the CVX's price is up by 1.43%, now at $146.43.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 59 days.

What Analysts Are Saying About Chevron

Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $188.0.

• An analyst from Raymond James has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $175.
• Showing optimism, an analyst from B of A Securities upgrades its rating to Buy with a revised price target of $200.
• Consistent in their evaluation, an analyst from Mizuho keeps a Buy rating on Chevron with a target price of $195.
• In a positive move, an analyst from Bernstein has upgraded their rating to Outperform and adjusted the price target to $182.

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 Chevron options trades with real-time alerts from Benzinga Pro.