Deep-pocketed investors have adopted a bearish approach towards Occidental Petroleum OXY, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in OXY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 60% bearish. Among these notable options, 2 are puts, totaling $207,645, and 8 are calls, amounting to $929,045.
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 $42.0 to $75.0 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 $42.0 to $75.0 in the last 30 days.
Occidental Petroleum Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| OXY | CALL | TRADE | BEARISH | 01/19/24 | $42.00 | $359.7K | 1.1K | 0 |
| OXY | PUT | TRADE | BULLISH | 03/15/24 | $60.00 | $172.5K | 3.8K | 47 |
| OXY | CALL | SWEEP | BULLISH | 03/15/24 | $62.50 | $137.5K | 1.5K | 27 |
| OXY | CALL | SWEEP | BULLISH | 01/19/24 | $42.00 | $107.4K | 1.1K | 220 |
| OXY | CALL | TRADE | NEUTRAL | 05/17/24 | $65.00 | $92.5K | 452 | 0 |
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 2022, the company reported net proved reserves of 3.8 billion barrels of oil equivalent. Net production averaged 1,159 thousand barrels of oil equivalent per day in 2022 at a ratio of 75% oil and natural gas liquids and 25% natural gas.
In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Occidental Petroleum
- Currently trading with a volume of 3,722,226, the OXY's price is down by -1.7%, now at $59.72.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 96 days.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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