Behind the Scenes of Occidental Petroleum's Latest Options Trends

Investors with a lot of money to spend have taken a bullish 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 10 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 70% bullish and 30%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $1,703,846, and 5 are calls, for a total amount of $311,355.

What's The Price Target?

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 $75.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Trends

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 $75.0 over the preceding 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
OXY PUT TRADE BEARISH 12/20/24 $57.50 $1.5M 96 5.0K
OXY CALL SWEEP BULLISH 01/16/26 $50.00 $123.2K 1.9K 83
OXY PUT TRADE NEUTRAL 12/20/24 $60.00 $84.2K 203 137
OXY CALL TRADE BULLISH 02/16/24 $55.00 $60.6K 2.8K 598
OXY CALL TRADE BULLISH 02/16/24 $55.00 $60.0K 2.8K 219

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 2022, the company reported net proved reserves of 3.8 billion barrels of oil equivalent. Net production averaged 1,159 thousand barrels of oil equivalent per day in 2022 at a ratio of 75% oil and natural gas liquids and 25% 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.

Occidental Petroleum's Current Market Status

  • Currently trading with a volume of 1,853,679, the OXY's price is up by 0.6%, now at $57.32.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 8 days.

Expert Opinions on Occidental Petroleum

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $68.0.

  • An analyst from Raymond James persists with their Strong Buy rating on Occidental Petroleum, maintaining a target price of $68.

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.

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Posted In: OptionsMarketsBZI-UOA
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