Deep-pocketed investors have adopted a bullish 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 13 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 53% leaning bullish and 46% bearish. Among these notable options, 4 are puts, totaling $176,179, and 9 are calls, amounting to $451,373.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $135.0 and $180.0 for Chevron, spanning the last three months.
Analyzing Volume & Open Interest
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 $135.0 to $180.0 in the last 30 days.
Chevron Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVX | CALL | SWEEP | BULLISH | 09/20/24 | $1.13 | $1.08 | $1.12 | $175.00 | $76.8K | 7.1K | 1.3K |
| CVX | CALL | SWEEP | BEARISH | 08/16/24 | $6.4 | $6.35 | $6.35 | $155.00 | $67.9K | 174 | 259 |
| CVX | PUT | SWEEP | BULLISH | 07/19/24 | $1.69 | $1.64 | $1.65 | $150.00 | $66.0K | 3.3K | 636 |
| CVX | CALL | TRADE | BULLISH | 12/19/25 | $29.0 | $28.9 | $29.0 | $135.00 | $58.0K | 114 | 20 |
| CVX | CALL | SWEEP | BULLISH | 07/12/24 | $2.2 | $2.18 | $2.2 | $160.00 | $51.9K | 10.0K | 3.3K |
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.
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
Current Position of Chevron
- Currently trading with a volume of 3,240,274, the CVX's price is up by 0.24%, now at $155.34.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 50 days.
What Analysts Are Saying About Chevron
In the last month, 2 experts released ratings on this stock with an average target price of $185.5.
- An analyst from Truist Securities has decided to maintain their Hold rating on Chevron, which currently sits at a price target of $166.
- An analyst from Mizuho has decided to maintain their Buy rating on Chevron, which currently sits at a price target of $205.
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.
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