This Is What Whales Are Betting On Phillips 66

This Is What Whales Are Betting On Phillips 66

Someone with a lot of money to spend has taken a bearish stance on Phillips 66 PSX.

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 PSX, 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 12 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, 9 are puts, for a total amount of $1,100,428, and 3 are calls, for a total amount of $116,930.

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 $75.0 to $95.0 for Phillips 66 over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Phillips 66 options trades today is 538.71 with a total volume of 2,162.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Phillips 66's big money trades within a strike price range of $75.0 to $95.0 over the last 30 days.

Phillips 66 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
PSX PUT SWEEP BEARISH 01/19/24 $82.50 $446.1K 245 274
PSX PUT SWEEP BULLISH 06/16/23 $77.50 $181.7K 1 178
PSX PUT TRADE BULLISH 06/16/23 $80.00 $116.1K 0 108
PSX PUT TRADE BEARISH 01/19/24 $82.50 $92.9K 245 329
PSX PUT SWEEP BULLISH 06/16/23 $77.50 $79.5K 1 358

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
PSX PUT SWEEP BEARISH 01/19/24 $82.50 $446.1K 245 274
PSX PUT SWEEP BULLISH 06/16/23 $77.50 $181.7K 1 178
PSX PUT TRADE BULLISH 06/16/23 $80.00 $116.1K 0 108
PSX PUT TRADE BEARISH 01/19/24 $82.50 $92.9K 245 329
PSX PUT SWEEP BULLISH 06/16/23 $77.50 $79.5K 1 358

Where Is Phillips 66 Standing Right Now?

  • With a volume of 1,133,176, the price of PSX is down -1.38% at $80.88.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 18 days.

What The Experts Say On Phillips 66:

  • Barclays has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $113.
  • Wells Fargo has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $127.
  • BMO Capital downgraded its action to Outperform with a price target of $132

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.

Posted In: BZI-UOAOptionsMarkets