Chevron Options Trading: A Deep Dive into Market Sentiment

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 17 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 35% bullish and 64%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $1,485,480, and 8 are calls, for a total amount of $290,233.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $120.0 to $160.0 for Chevron over the last 3 months.

Insights into Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Chevron's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chevron's significant trades, within a strike price range of $120.0 to $160.0, over the past month.

Chevron Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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 volume of 3,581,367, the price of CVX is up 0.6% at $151.5.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 72 days.

What The Experts Say On Chevron

4 market experts have recently issued ratings for this stock, with a consensus target price of $167.5.

• Reflecting concerns, an analyst from DZ Bank lowers its rating to Hold with a new price target of $160.
• An analyst from Scotiabank has revised its rating downward to Sector Perform, adjusting the price target to $170.
• Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Chevron with a target price of $190.
• An analyst from TD Cowen has revised its rating downward to Market Perform, adjusting the price target to $150.

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.