High-rolling investors have positioned themselves bullish on Occidental Petroleum OXY, 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 OXY often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 12 options trades for Occidental Petroleum. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $30,500, and 11 calls, totaling $545,663.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $70.0 for Occidental Petroleum over the last 3 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 Occidental Petroleum'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 Occidental Petroleum's whale activity within a strike price range from $30.0 to $70.0 in the last 30 days.
Occidental Petroleum Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| OXY | CALL | TRADE | BEARISH | 07/19/24 | $67.50 | $121.0K | 718 | 500 |
| OXY | CALL | TRADE | BEARISH | 04/19/24 | $40.00 | $86.2K | 145 | 0 |
| OXY | CALL | SWEEP | BULLISH | 05/17/24 | $67.50 | $67.0K | 2.1K | 12 |
| OXY | CALL | SWEEP | BULLISH | 04/19/24 | $62.50 | $41.1K | 10.8K | 400 |
| OXY | CALL | TRADE | BULLISH | 01/17/25 | $55.00 | $39.6K | 1.6K | 55 |
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.
Current Position of Occidental Petroleum
- Trading volume stands at 3,032,836, with OXY's price up by 0.42%, positioned at $64.08.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 43 days.
What The Experts Say On Occidental Petroleum
In the last month, 1 experts released ratings on this stock with an average target price of $69.0.
- An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $69.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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