Check Out What Whales Are Doing With OXY

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 16 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 43% leaning bullish and 43% bearish. Among these notable options, 9 are puts, totaling $1,334,651, and 7 are calls, amounting to $332,260.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $40.0 to $70.0 for Occidental Petroleum over the recent three months.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $40.0 to $70.0, over the past month.

Occidental Petroleum 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

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.

Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Occidental Petroleum's Current Market Status

• With a volume of 4,498,758, the price of OXY is down -0.92% at $46.17.
• RSI indicators hint that the underlying stock may be oversold.
• Next earnings are expected to be released in 57 days.

What Analysts Are Saying About Occidental Petroleum

5 market experts have recently issued ratings for this stock, with a consensus target price of $63.0.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $53. * An analyst from UBS has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $58. * Consistent in their evaluation, an analyst from Citigroup keeps a Neutral rating on Occidental Petroleum with a target price of $56. * Maintaining their stance, an analyst from Raymond James continues to hold a Strong Buy rating for Occidental Petroleum, targeting a price of $78. * Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Occidental Petroleum, targeting a price of $70.

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.