Looking At Occidental Petroleum's Recent Unusual Options Activity

Looking At Occidental Petroleum's Recent Unusual Options Activity

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 47 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 48% bullish and 51%, bearish.

Out of all of the special options we uncovered, 14 are puts, for a total amount of $1,547,480, and 33 are calls, for a total amount of $4,197,163.

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 $85.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Occidental Petroleum options trades today is 3516.82 with a total volume of 15,449.00.

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 $20.0 to $85.0 over 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 BULLISH 02/17/23 $80.00 $1.1M 1.8K 2.5K
OXY PUT TRADE BULLISH 06/16/23 $65.00 $799.5K 1.2K 1.3K
OXY CALL SWEEP BEARISH 05/19/23 $77.50 $425.8K 80 1.0K
OXY CALL SWEEP BULLISH 05/19/23 $77.50 $425.0K 80 508
OXY CALL SWEEP NEUTRAL 01/20/23 $40.00 $330.0K 6.6K 101

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
OXY CALL TRADE BULLISH 02/17/23 $80.00 $1.1M 1.8K 2.5K
OXY PUT TRADE BULLISH 06/16/23 $65.00 $799.5K 1.2K 1.3K
OXY CALL SWEEP BEARISH 05/19/23 $77.50 $425.8K 80 1.0K
OXY CALL SWEEP BULLISH 05/19/23 $77.50 $425.0K 80 508
OXY CALL SWEEP NEUTRAL 01/20/23 $40.00 $330.0K 6.6K 101

Where Is Occidental Petroleum Standing Right Now?

  • With a volume of 8,988,192, the price of OXY is down -2.65% at $72.46.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 99 days.

What The Experts Say On Occidental Petroleum:

  • Morgan Stanley has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $73.
  • Mizuho has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $81.
  • Credit Suisse has decided to maintain their Underperform rating on Occidental Petroleum, which currently sits at a price target of $65.
  • Barclays has decided to maintain their Overweight rating on Occidental Petroleum, which currently sits at a price target of $84.
  • Piper Sandler downgraded its action to Neutral with a price target of $76

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.

Posted In: BZI-UOAOptionsMarkets