Decoding Chevron's Options Activity: What's the Big Picture?
Decoding Chevron's Options Activity: What's the Big Picture?
Deep-pocketed investors have adopted a bullish approach towards Chevron (NYSE:CVX), 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 CVX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 17 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 41% bearish. Among these notable options, 7 are puts, totaling $286,361, and 10 are calls, amounting to $540,100.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $136.0 to $170.0 for Chevron over the last 3 months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Chevron stands at 2399.14, with a total volume reaching 2,066.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Chevron, situated within the strike price corridor from $136.0 to $170.0, throughout the last 30 days.
Chevron Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CVX | CALL | SWEEP | BULLISH | 12/20/24 | $6.5 | $6.4 | $6.5 | $140.00 | $114.4K | 568 | 190 |
| CVX | CALL | SWEEP | BULLISH | 10/18/24 | $3.1 | $3.05 | $3.1 | $140.00 | $93.3K | 749 | 376 |
| CVX | PUT | SWEEP | NEUTRAL | 01/17/25 | $23.25 | $22.95 | $23.05 | $160.00 | $80.6K | 4.2K | 35 |
| CVX | CALL | TRADE | BEARISH | 08/15/25 | $7.6 | $7.45 | $7.45 | $150.00 | $74.5K | 465 | 101 |
| CVX | CALL | SWEEP | BULLISH | 03/21/25 | $4.85 | $4.75 | $4.85 | $150.00 | $60.1K | 536 | 11 |
About Chevron
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.
Chevron's Current Market Status
- Trading volume stands at 2,823,047, with CVX's price down by -1.55%, positioned at $138.13.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 45 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.