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 10 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 20% leaning bullish and 70% bearish. Among these notable options, 3 are puts, totaling $233,596, and 7 are calls, amounting to $535,801.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $145.0 to $190.0 for Chevron over the recent three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Chevron stands at 5622.6, with a total volume reaching 5,700.00. 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 $145.0 to $190.0, throughout the last 30 days.
Chevron Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVX | PUT | TRADE | BEARISH | 01/17/25 | $6.95 | $6.8 | $6.9 | $155.00 | $172.5K | 4.1K | 260 |
| CVX | CALL | TRADE | BEARISH | 06/21/24 | $6.1 | $6.0 | $6.0 | $160.00 | $139.2K | 6.1K | 1.4K |
| CVX | CALL | TRADE | BEARISH | 06/20/25 | $6.0 | $5.85 | $5.85 | $190.00 | $135.7K | 1.2K | 232 |
| CVX | CALL | SWEEP | BEARISH | 06/21/24 | $3.05 | $3.0 | $3.01 | $165.00 | $90.2K | 18.1K | 496 |
| CVX | CALL | TRADE | BULLISH | 06/21/24 | $14.1 | $14.1 | $14.1 | $150.00 | $56.4K | 5.1K | 40 |
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 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 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 US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 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.
Where Is Chevron Standing Right Now?
- Trading volume stands at 2,820,771, with CVX's price up by 1.28%, positioned at $164.62.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 78 days.
Expert Opinions on Chevron
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $182.0.
- In a positive move, an analyst from Scotiabank has upgraded their rating to Sector Outperform and adjusted the price target to $195.
- Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Chevron with a target price of $174.
- Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Chevron with a target price of $160.
- Maintaining their stance, an analyst from HSBC continues to hold a Buy rating for Chevron, targeting a price of $178.
- An analyst from Barclays downgraded its action to Overweight with a price target of $203.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Chevron, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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