Chevron's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bearish approach towards Chevron CVX, 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 CVX usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 34 extraordinary options activities for Chevron. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 41% leaning bullish and 52% bearish. Among these notable options, 17 are puts, totaling $1,283,216, and 17 are calls, amounting to $646,037.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $85.0 to $165.0 for Chevron over the recent three months.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Chevron options trades today is 1454.11 with a total volume of 6,558.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Chevron's big money trades within a strike price range of $85.0 to $165.0 over the last 30 days.

Chevron Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

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.

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

Where Is Chevron Standing Right Now?

• Trading volume stands at 5,390,216, with CVX's price up by 1.03%, positioned at $135.93.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 16 days.

Expert Opinions on Chevron

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $167.0.

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 Wells Fargo persists with their Overweight rating on Chevron, maintaining a target price of $173. * An analyst from UBS persists with their Buy rating on Chevron, maintaining a target price of $185. * In a cautious move, an analyst from Scotiabank downgraded its rating to Sector Perform, setting a price target of $143.

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.