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 9 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 11% leaning bullish and 88% bearish. Among these notable options, 5 are puts, totaling $264,214, and 4 are calls, amounting to $259,319.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $140.0 to $170.0 for Chevron over the last 3 months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $140.0 to $170.0 in the last 30 days.
Chevron Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVX | CALL | SWEEP | BEARISH | 12/19/25 | $140.00 | $179.0K | 358 | 93 |
| CVX | PUT | SWEEP | BEARISH | 01/19/24 | $150.00 | $110.0K | 6.0K | 190 |
| CVX | PUT | TRADE | NEUTRAL | 02/09/24 | $145.00 | $51.2K | 309 | 108 |
| CVX | PUT | TRADE | BEARISH | 02/16/24 | $150.00 | $40.1K | 3.7K | 49 |
| CVX | PUT | TRADE | NEUTRAL | 01/19/24 | $145.00 | $35.2K | 7.8K | 487 |
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.
Current Position of Chevron
- Currently trading with a volume of 7,049,126, the CVX's price is down by 0.0%, now at $143.12.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 15 days.
Expert Opinions on Chevron
2 market experts have recently issued ratings for this stock, with a consensus target price of $177.0.
- An analyst from Scotiabank has revised its rating downward to Sector Perform, adjusting the price target to $170.
- An analyst from Jefferies upgraded its action to Buy with a price target of $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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