Occidental Petroleum's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bearish stance on Occidental Petroleum OXY.

And retail traders should know.

We noticed this today when the positions 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 OXY, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 11 options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 9% bullish and 72%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $33,450, and 10, calls, for a total amount of $422,360.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $50.0 to $70.0 for Occidental Petroleum over the last 3 months.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Occidental Petroleum's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Occidental Petroleum's substantial trades, within a strike price spectrum from $50.0 to $70.0 over the preceding 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

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.

Where Is Occidental Petroleum Standing Right Now?

• With a volume of 2,633,164, the price of OXY is up 2.33% at $47.87.
• RSI indicators hint that the underlying stock may be approaching oversold.
• Next earnings are expected to be released in 8 days.

What The Experts Say On Occidental Petroleum

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $51.5.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Truist Securities has decided to maintain their Hold rating on Occidental Petroleum, which currently sits at a price target of $58. * An analyst from Goldman Sachs has revised its rating downward to Sell, adjusting the price target to $45.

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 Occidental Petroleum with Benzinga Pro for real-time alerts.