Whales with a lot of money to spend have taken a noticeably bearish stance on Chevron.
Looking at options history for Chevron CVX we detected 27 trades.
If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 55% with bearish.
From the overall spotted trades, 7 are puts, for a total amount of $356,401 and 20, calls, for a total amount of $4,933,725.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $110.0 to $155.0 for Chevron over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Chevron stands at 2501.88, with a total volume reaching 9,193.00. 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 $110.0 to $155.0, throughout the last 30 days.
Chevron Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVX | CALL | TRADE | BULLISH | 06/20/25 | $145.00 | $3.5M | 2.0K | 1.9K |
| CVX | CALL | SWEEP | BEARISH | 04/19/24 | $150.00 | $311.5K | 2.7K | 700 |
| CVX | CALL | SWEEP | BEARISH | 06/21/24 | $150.00 | $156.0K | 5.8K | 210 |
| CVX | PUT | SWEEP | BEARISH | 06/21/24 | $135.00 | $139.0K | 4.0K | 110 |
| CVX | CALL | TRADE | BEARISH | 06/21/24 | $140.00 | $131.7K | 578 | 22 |
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.
After a thorough review of the options trading surrounding Chevron, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Chevron's Current Market Status
- With a trading volume of 4,980,343, the price of CVX is up by 1.31%, reaching $147.18.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 21 days from now.
What Analysts Are Saying About Chevron
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $184.5.
- An analyst from UBS has decided to maintain their Buy rating on Chevron, which currently sits at a price target of $185.
- In a positive move, an analyst from Jefferies has upgraded their rating to Buy and adjusted the price target to $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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