This Is What Whales Are Betting On Occidental Petroleum

Someone with a lot of money to spend has taken a bearish stance on Occidental Petroleum OXY.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, 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 this whale just did?

Today, Benzinga's options scanner spotted 16 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 43% bullish and 56%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $164,855, and 13 are calls, for a total amount of $2,423,492.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $50.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Development

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 $20.0 to $50.0 in the last 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
OXY CALL TRADE BEARISH 01/19/24 $30.00 $1.5M 565 1.0K
OXY CALL TRADE BULLISH 01/20/23 $32.00 $204.8K 1.9K 0
OXY CALL TRADE NEUTRAL 05/20/22 $35.00 $166.0K 4.1K 205
OXY CALL SWEEP BULLISH 03/18/22 $45.00 $99.1K 6.8K 2.7K
OXY CALL SWEEP BULLISH 03/18/22 $45.00 $89.0K 6.8K 1.3K

Where Is Occidental Petroleum Standing Right Now?

  • With a volume of 5,440,957, the price of OXY is up 2.46% at $41.29.
  • RSI indicators hint that the underlying stock may be overbought.
  • Next earnings are expected to be released in 14 days.

What The Experts Say On Occidental Petroleum:

  • Raymond James has decided to maintain their Strong Buy rating on Occidental Petroleum, which currently sits at a price target of $60.
  • Morgan Stanley has decided to maintain their Overweight rating on Occidental Petroleum, which currently sits at a price target of $50.
  • Citigroup has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $40.

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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.

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