What the Options Market Tells Us About Chevron

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 trades 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.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 27 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.

Out of all of the special options we uncovered, 15 are puts, for a total amount of $1,473,030, and 12 are calls, for a total amount of $831,922.

Projected Price Targets

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 $165.0 for Chevron over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $100.0 to $165.0 in 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.

Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.

Where Is Chevron Standing Right Now?

• With a volume of 4,741,696, the price of CVX is down -0.17% at $142.0.
• RSI indicators hint that the underlying stock may be oversold.
• Next earnings are expected to be released in 11 days.

Expert Opinions on Chevron

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average 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 has elevated its stance to Buy, setting a new price target at $184.

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.