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 15 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 40% bullish and 46%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $135,850, and 13 are calls, for a total amount of $1,162,374.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $145.0 and $170.0 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 $145.0 to $170.0 in the last 30 days.

Chevron Call and Put Volume: 30-Day Overview

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 3.1 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.

Chevron's Current Market Status

• With a trading volume of 2,141,845, the price of CVX is down by -1.4%, reaching $144.77.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 66 days from now.

What The Experts Say On Chevron

4 market experts have recently issued ratings for this stock, with a consensus target price of $168.75.

• An analyst from Truist Securities persists with their Hold rating on Chevron, maintaining a target price of $154.
• Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Chevron, targeting a price of $185.
• An analyst from Truist Securities persists with their Hold rating on Chevron, maintaining a target price of $156.
• Consistent in their evaluation, an analyst from RBC Capital keeps a Outperform rating on Chevron with a target price of $180.

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.