Behind the Scenes of Phillips 66's Latest Options Trends - Phillips 66 (NYSE:PSX)

High-rolling investors have positioned themselves bullish 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 21 options trades for Phillips 66. This is not a typical pattern.

The sentiment among these major traders is split, with 57% bullish and 42% bearish. Among all the options we identified, there was one put, amounting to $60,300, and 20 calls, totaling $1,147,679.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $40.0 to $145.0 for Phillips 66 during the past quarter.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Phillips 66 stands at 1640.89, with a total volume reaching 7,536.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Phillips 66, situated within the strike price corridor from $40.0 to $145.0, throughout the last 30 days.

Phillips 66 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Strike Price	Total Trade Price	Open Interest	Volume
PSX	CALL	SWEEP	BEARISH	02/16/24	$135.00	$365.3K	9.4K	851
PSX	CALL	SWEEP	BULLISH	02/16/24	$135.00	$81.6K	9.4K	919
PSX	PUT	TRADE	BULLISH	05/17/24	$145.00	$60.3K	44	1.2K
PSX	CALL	TRADE	BULLISH	02/16/24	$120.00	$54.8K	1.5K	137
PSX	CALL	SWEEP	BULLISH	02/16/24	$120.00	$52.4K	1.5K	757

About Phillips 66

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.9 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility will cease 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

Phillips 66's Current Market Status

Currently trading with a volume of 1,852,285, the PSX's price is up by 0.09%, now at $145.34.
RSI readings suggest the stock is currently may be overbought.
Anticipated earnings release is in 76 days.

What The Experts Say On Phillips 66

3 market experts have recently issued ratings for this stock, with a consensus target price of $152.33333333333334.

An analyst from Wells Fargo has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $163.
An analyst from Raymond James has decided to maintain their Outperform rating on Phillips 66, which currently sits at a price target of $155.
An analyst from Barclays persists with their Equal-Weight rating on Phillips 66, maintaining a target price of $139.

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.

PSXPhillips 66

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