Investors with a lot of money to spend have taken a bearish stance on Phillips 66 PSX.
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 PSX, 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 43 uncommon options trades for Phillips 66.
This isn't normal.
The overall sentiment of these big-money traders is split between 41% bullish and 58%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $196,413, and 38 are calls, for a total amount of $3,596,317.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $140.0 to $200.0 for Phillips 66 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 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 $140.0 to $200.0 in the last 30 days.
Phillips 66 Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | CALL | TRADE | BEARISH | 12/20/24 | $7.0 | $6.5 | $6.6 | $200.00 | $660.0K | 181 | 1.0K |
| PSX | CALL | SWEEP | BULLISH | 12/20/24 | $7.5 | $7.4 | $7.5 | $195.00 | $282.0K | 30 | 1.1K |
| PSX | CALL | SWEEP | BULLISH | 12/20/24 | $7.9 | $7.8 | $7.9 | $195.00 | $195.1K | 30 | 494 |
| PSX | CALL | TRADE | NEUTRAL | 07/19/24 | $12.0 | $11.8 | $11.9 | $170.00 | $119.0K | 321 | 115 |
| PSX | CALL | SWEEP | BEARISH | 04/19/24 | $31.7 | $31.1 | $31.2 | $140.00 | $115.0K | 1.7K | 125 |
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.
Following our analysis of the options activities associated with Phillips 66, we pivot to a closer look at the company's own performance.
Where Is Phillips 66 Standing Right Now?
- With a volume of 1,864,817, the price of PSX is up 1.11% at $171.37.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 23 days.
What Analysts Are Saying About Phillips 66
5 market experts have recently issued ratings for this stock, with a consensus target price of $171.2.
- An analyst from Mizuho has decided to maintain their Neutral rating on Phillips 66, which currently sits at a price target of $167.
- Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Phillips 66, targeting a price of $169.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Phillips 66 with a target price 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.
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.
© 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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