Spotlight on Occidental Petroleum: Analyzing the Surge in Options Activity

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 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 OXY, 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 13 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 38% bullish and 46%, bearish.

Out of all of the special options we uncovered, 9 are puts, for a total amount of $669,352, and 4 are calls, for a total amount of $254,961.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $37.5 and $65.0 for Occidental Petroleum, spanning the last three months.

Insights into 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 $37.5 to $65.0 over the preceding 30 days.

Occidental Petroleum Option Activity Analysis: Last 30 Days

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 1,327 thousand barrels of oil equivalent per day in 2024 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

Following our analysis of the options activities associated with Occidental Petroleum, we pivot to a closer look at the company's own performance.

Where Is Occidental Petroleum Standing Right Now?

• With a trading volume of 3,826,662, the price of OXY is up by 0.78%, reaching $47.63.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 49 days from now.

Expert Opinions on Occidental Petroleum

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $54.8.

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. * An analyst from JP Morgan has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $52. * An analyst from UBS persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $56. * An analyst from Piper Sandler has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $50. * An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $52. * An analyst from Raymond James has revised its rating downward to Outperform, adjusting the price target to $64.

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.