A Closer Look at Occidental Petroleum's Options Market Dynamics

Deep-pocketed investors have adopted a bullish approach towards Occidental Petroleum OXY, 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 OXY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 25 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 44% leaning bullish and 36% bearish. Among these notable options, 16 are puts, totaling $973,358, and 9 are calls, amounting to $343,062.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $72.5 for Occidental Petroleum during the past quarter.

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 Occidental Petroleum'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 Occidental Petroleum's whale activity within a strike price range from $40.0 to $72.5 in the last 30 days.

Occidental Petroleum Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About Occidental Petroleum

Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2023, the company reported net proved reserves of nearly 4 billion barrels of oil equivalent. Net production averaged 1,234 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Occidental Petroleum's Current Market Status

• Currently trading with a volume of 6,613,198, the OXY's price is down by -1.72%, now at $53.69.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 61 days.

What Analysts Are Saying About Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $70.8.

• An analyst from Stephens & Co. has revised its rating downward to Overweight, adjusting the price target to $76.
• An analyst from Susquehanna persists with their Positive rating on Occidental Petroleum, maintaining a target price of $78.
• An analyst from Truist Securities has decided to maintain their Hold rating on Occidental Petroleum, which currently sits at a price target of $65.
• An analyst from UBS persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $70.
• Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $65.

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 Occidental Petroleum, Benzinga Pro gives you real-time options trades alerts.