ConocoPhillips Options Trading: A Deep Dive into Market Sentiment

Investors with a lot of money to spend have taken a bullish stance on ConocoPhillips COP.

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 COP, 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 11 uncommon options trades for ConocoPhillips.

This isn't normal.

The overall sentiment of these big-money traders is split between 45% bullish and 27%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $147,781, and 8 are calls, for a total amount of $1,636,468.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $110.0 and $140.0 for ConocoPhillips, spanning the last three months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ConocoPhillips'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 ConocoPhillips's whale trades within a strike price range from $110.0 to $140.0 in the last 30 days.

ConocoPhillips 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
COP CALL SWEEP BEARISH 05/17/24 $3.85 $3.7 $3.7 $120.00 $699.6K 6.6K 4.1K
COP CALL SWEEP BEARISH 06/21/24 $2.89 $2.83 $2.77 $125.00 $523.8K 2.6K 257
COP CALL TRADE NEUTRAL 09/20/24 $2.72 $2.65 $2.69 $135.00 $269.0K 1.1K 1.0K
COP PUT SWEEP NEUTRAL 06/20/25 $7.05 $6.85 $6.9 $110.00 $76.7K 1.5K 171
COP PUT SWEEP BULLISH 06/20/25 $7.0 $6.8 $6.87 $110.00 $41.1K 1.5K 0

About ConocoPhillips

ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.

Present Market Standing of ConocoPhillips

  • Trading volume stands at 2,494,974, with COP's price down by -0.18%, positioned at $123.32.
  • RSI indicators show the stock to be may be oversold.
  • Earnings announcement expected in 85 days.

What Analysts Are Saying About ConocoPhillips

In the last month, 5 experts released ratings on this stock with an average target price of $151.2.

  • Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for ConocoPhillips, targeting a price of $154.
  • Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for ConocoPhillips, targeting a price of $149.
  • An analyst from Barclays has revised its rating downward to Overweight, adjusting the price target to $158.
  • An analyst from Scotiabank has decided to maintain their Sector Perform rating on ConocoPhillips, which currently sits at a price target of $135.
  • Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for ConocoPhillips, targeting a price of $160.

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 ConocoPhillips, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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