Investors with a lot of money to spend have taken a bullish stance on Suncor Energy SU.
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 SU, 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 8 uncommon options trades for Suncor Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $82,636, and 6 are calls, for a total amount of $339,755.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $25.0 to $37.0 for Suncor Energy over the recent three months.
Analyzing 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 Suncor Energy's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Suncor Energy's significant trades, within a strike price range of $25.0 to $37.0, over the past month.
Suncor Energy 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SU | CALL | TRADE | BULLISH | 06/21/24 | $10.8 | $10.75 | $10.8 | $27.00 | $108.0K | 1.2K | 100 |
| SU | CALL | SWEEP | BEARISH | 01/16/26 | $13.5 | $13.3 | $13.35 | $25.00 | $84.1K | 150 | 3 |
| SU | CALL | SWEEP | BULLISH | 09/20/24 | $6.4 | $6.35 | $6.4 | $32.00 | $64.0K | 80 | 0 |
| SU | PUT | TRADE | BEARISH | 07/19/24 | $1.46 | $1.44 | $1.46 | $37.00 | $44.9K | 870 | 340 |
| SU | PUT | SWEEP | BEARISH | 07/19/24 | $1.46 | $1.44 | $1.46 | $37.00 | $37.6K | 870 | 598 |
About Suncor Energy
Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil production, petroleum refining in Canada and the U.S., and the company's Petro-Canada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, and renewable fuels. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. The company's operating segments include Oil Sands, Exploration and Production, and Refining and Marketing. Geographically, the company generates a majority of its revenue from Canada.
After a thorough review of the options trading surrounding Suncor Energy, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Suncor Energy
- With a volume of 3,457,410, the price of SU is up 0.86% at $37.63.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 34 days.
Professional Analyst Ratings for Suncor Energy
1 market experts have recently issued ratings for this stock, with a consensus target price of $52.0.
- An analyst from Morgan Stanley persists with their Overweight rating on Suncor Energy, maintaining a target price of $52.
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 Suncor Energy with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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