High-rolling investors have positioned themselves bearish on $Occidental Petroleum (OXY.US)$, and it's important for retail traders to take note. This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in OXY often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for Occidental Petroleum. This is not a typical pattern.
The sentiment among these major traders is split, with 22% bullish and 77% bearish. Among all the options we identified, there was one put, amounting to $30,600, and 8 calls, totaling $647,222.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $52.5 and $62.5 for Occidental Petroleum, spanning the last three months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $52.5 to $62.5, over the past month.
Occidental Petroleum 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
OXY | CALL | SWEEP | BEARISH | 04/19/24 | $57.50 | $261.8K | 2.6K | 624 |
OXY | CALL | SWEEP | BULLISH | 06/21/24 | $60.00 | $121.1K | 4.5K | 14 |
OXY | CALL | SWEEP | BEARISH | 04/19/24 | $62.50 | $77.0K | 8.7K | 4.0K |
OXY | CALL | TRADE | BEARISH | 01/17/25 | $62.50 | $58.5K | 7.0K | 0 |
OXY | CALL | SWEEP | BEARISH | 03/15/24 | $57.50 | $38.8K | 9.1K | 254 |
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.
Having examined the options trading patterns of Occidental Petroleum, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Occidental Petroleum Standing Right Now?
Currently trading with a volume of 3,309,902, the OXY's price is up by 0.45%, now at $60.38.
RSI readings suggest the stock is currently neutral between overbought and oversold.
Anticipated earnings release is in 81 days.
Professional Analyst Ratings for Occidental Petroleum
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $73.0.
An analyst from Raymond James has decided to maintain their Strong Buy rating on Occidental Petroleum, which currently sits at a price target of $68.
Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Occidental Petroleum with a target price of $77.
Reflecting concerns, an analyst from Stephens & Co. lowers its rating to Overweight with a new price target of $74.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Occidental Petroleum options trades with real-time alerts from Benzinga Pro.