A Closer Look at Occidental Petroleum's Options Market Dynamics

Investors with a lot of money to spend have taken a bullish stance on Occidental Petroleum OXY.

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 OXY, 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 8 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 25%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $454,956, and 4 are calls, for a total amount of $439,540.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $60.0 to $75.0 for Occidental Petroleum during the past quarter.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Occidental Petroleum options trades today is 2789.0 with a total volume of 3,731.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Occidental Petroleum's big money trades within a strike price range of $60.0 to $75.0 over the last 30 days.

Occidental Petroleum 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
OXY CALL TRADE BULLISH 09/20/24 $2.81 $2.78 $2.8 $62.50 $336.0K 12.9K 1.2K
OXY PUT TRADE BEARISH 01/17/25 $4.5 $4.45 $4.5 $62.50 $225.0K 4.0K 500
OXY PUT SWEEP BULLISH 06/21/24 $1.1 $1.1 $1.1 $61.00 $115.9K 1.7K 1.2K
OXY PUT SWEEP BULLISH 11/15/24 $2.91 $2.89 $2.89 $60.00 $86.1K 1.5K 321
OXY CALL TRADE BEARISH 06/21/24 $1.02 $1.0 $1.0 $62.00 $40.0K 706 401

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.

Present Market Standing of Occidental Petroleum

  • Trading volume stands at 3,779,742, with OXY's price up by 0.15%, positioned at $61.21.
  • RSI indicators show the stock to be is currently neutral between overbought and oversold.
  • Earnings announcement expected in 62 days.

What Analysts Are Saying About Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $69.8.

  • An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $68.
  • An analyst from Truist Securities downgraded its action to Hold with a price target of $69.
  • An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $71.
  • An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $76.
  • An analyst from Citigroup persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $65.

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 Occidental Petroleum, 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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