Decoding Occidental Petroleum's Options Activity: What's the Big Picture?

Deep-pocketed investors have adopted a bearish approach towards Occidental Petroleum OXY, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in OXY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 2 are puts, totaling $206,780, and 7 are calls, amounting to $916,504.

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 $57.5 to $70.0 for Occidental Petroleum over the last 3 months.

Insights into Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $57.5 to $70.0, over the past month.

Occidental Petroleum 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
OXY CALL SWEEP BULLISH 09/20/24 $5.15 $5.1 $5.15 $62.50 $386.2K 5.3K 250
OXY CALL SWEEP BEARISH 03/21/25 $6.55 $6.45 $6.45 $65.00 $191.5K 78 1
OXY PUT SWEEP BEARISH 06/20/25 $7.45 $7.35 $7.45 $67.50 $167.6K 1.3K 225
OXY CALL TRADE BULLISH 09/20/24 $5.2 $4.75 $5.1 $62.50 $127.5K 5.3K 0
OXY CALL SWEEP BEARISH 06/21/24 $4.85 $4.7 $4.7 $60.00 $94.0K 6.0K 13

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 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

  • Currently trading with a volume of 639,622, the OXY's price is down by -0.16%, now at $64.14.
  • RSI readings suggest the stock is currently may be approaching oversold.
  • Anticipated earnings release is in 82 days.

Professional Analyst Ratings for Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $75.8.

  • Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on Occidental Petroleum with a target price of $70.
  • Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $68.
  • Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Occidental Petroleum, targeting a price of $70.
  • Consistent in their evaluation, an analyst from Susquehanna keeps a Positive rating on Occidental Petroleum with a target price of $81.
  • An analyst from Scotiabank upgraded its action to Sector Outperform with a price target of $90.

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.

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