Occidental Petroleum Unusual Options Activity

Investors with a lot of money to spend have taken a bearish stance on Occidental Petroleum (NYSE: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 33 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 66%, bearish.

Out of all of the special options we uncovered, 14 are puts, for a total amount of $489,236, and 19 are calls, for a total amount of $1,046,332.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $52.5 to $65.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Trends

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 $52.5 to $65.0, over the past month.

Occidental Petroleum Option Activity Analysis: 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 4.0 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.

After a thorough review of the options trading surrounding Occidental Petroleum, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Present Market Standing of Occidental Petroleum

• With a volume of 10,393,130, the price of OXY is down -0.03% at $60.5.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 77 days.

Professional Analyst Ratings for Occidental Petroleum

In the last month, 4 experts released ratings on this stock with an average target price of $70.25.

• An analyst from Stephens & Co. downgraded its action to Overweight with a price target of $74.
• An analyst from Raymond James has decided to maintain their Strong Buy rating on Occidental Petroleum, which currently sits at a price target of $68.
• Consistent in their evaluation, an analyst from Wells Fargo keeps a Equal-Weight rating on Occidental Petroleum with a target price of $62.
• Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for Occidental Petroleum, targeting a price of $77.

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.