Unpacking the Latest Options Trading Trends in Chevron

Whales with a lot of money to spend have taken a noticeably bearish stance on Chevron.

Looking at options history for Chevron CVX we detected 15 trades.

If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 66% with bearish.

From the overall spotted trades, 8 are puts, for a total amount of $355,338 and 7, calls, for a total amount of $320,196.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $140.0 to $185.0 for Chevron during the past quarter.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Chevron options trades today is 4582.88 with a total volume of 9,050.00.

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 $140.0 to $185.0 over the last 30 days.

Chevron Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
CVX PUT TRADE BEARISH 05/17/24 $160.00 $76.0K 578 542
CVX CALL SWEEP NEUTRAL 05/17/24 $160.00 $62.6K 5.7K 636
CVX PUT TRADE BULLISH 05/17/24 $160.00 $57.9K 578 1.0K
CVX PUT TRADE BEARISH 05/17/24 $160.00 $57.6K 578 1.6K
CVX CALL SWEEP BULLISH 05/17/24 $160.00 $57.2K 5.7K 52

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.

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

Chevron's Current Market Status

  • With a volume of 4,370,650, the price of CVX is down -0.62% at $155.65.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 37 days.

What The Experts Say On Chevron

2 market experts have recently issued ratings for this stock, with a consensus target price of $190.0.

  • An analyst from Piper Sandler has decided to maintain their Overweight rating on Chevron, which currently sits at a price target of $180.
  • An analyst from Mizuho persists with their Buy rating on Chevron, maintaining a target price of $200.

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.

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Posted In: OptionsMarketsBZI-UOA
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