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 10 uncommon options trades for Occidental Petroleum.

This isn't normal.

The overall sentiment of these big-money traders is split between 40% bullish and 60%, bearish.

Out of all of the special options we uncovered, 8 are puts, for a total amount of $378,467, and 2 are calls, for a total amount of $84,660.

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 $23.0 to $75.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $23.0 to $75.0 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 PUT TRADE BEARISH 01/19/24 $55.00 $93.0K 12.1K 255
OXY PUT TRADE NEUTRAL 06/16/23 $64.00 $64.9K 9 117
OXY CALL SWEEP BULLISH 01/19/24 $70.00 $48.6K 12.5K 154
OXY PUT SWEEP BEARISH 06/09/23 $59.00 $48.0K 393 1.0K
OXY PUT SWEEP BULLISH 09/15/23 $57.50 $44.7K 2.1K 112

Where Is Occidental Petroleum Standing Right Now?

  • With a volume of 4,331,563, the price of OXY is down -0.13% at $58.73.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 67 days.

What The Experts Say On Occidental Petroleum:

  • Mizuho has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $67.
  • Piper Sandler has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $61.
  • Truist Securities has decided to maintain their Buy rating on Occidental Petroleum, which currently sits at a price target of $85.
  • Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $64.

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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