27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
High-rolling investors have positioned themselves bearish on Phillips 66 (NYSE:PSX), and it's important for retail traders to take note.\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in PSX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 13 options trades for Phillips 66. This is not a typical pattern.
The sentiment among these major traders is split, with 0% bullish and 100% bearish. Among all the options we identified, there was one put, amounting to $25,000, and 12 calls, totaling $2,463,150.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $155.0 and $170.0 for Phillips 66, spanning the last three months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Phillips 66's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Phillips 66's whale activity within a strike price range from $155.0 to $170.0 in the last 30 days.
Phillips 66 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | CALL | TRADE | BEARISH | 07/19/24 | $10.3 | $10.0 | $10.0 | $165.00 | $520.0K | 2.4K | 1.4K |
| PSX | CALL | TRADE | BEARISH | 07/19/24 | $10.8 | $10.4 | $10.4 | $165.00 | $208.0K | 2.4K | 1 |
| PSX | CALL | TRADE | BEARISH | 07/19/24 | $10.7 | $10.3 | $10.2 | $165.00 | $203.9K | 2.4K | 401 |
| PSX | CALL | TRADE | BEARISH | 07/19/24 | $10.2 | $10.0 | $10.0 | $165.00 | $200.0K | 2.4K | 1.4K |
| PSX | CALL | TRADE | BEARISH | 07/19/24 | $10.3 | $10.0 | $10.0 | $165.00 | $200.0K | 2.4K | 401 |
About Phillips 66
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
Having examined the options trading patterns of Phillips 66, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Present Market Standing of Phillips 66
- With a trading volume of 1,518,165, the price of PSX is down by -2.15%, reaching $164.93.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 17 days from now.
What The Experts Say On Phillips 66
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $175.6.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $179.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Phillips 66 with a target price of $167.
- An analyst from Goldman Sachs persists with their Buy rating on Phillips 66, maintaining a target price of $174.
- An analyst from Mizuho persists with their Neutral rating on Phillips 66, maintaining a target price of $167.
- An analyst from Wells Fargo persists with their Overweight rating on Phillips 66, maintaining a target price of $191.
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 Phillips 66, Benzinga Pro gives you real-time options trades alerts.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!