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High-rolling investors have positioned themselves bullish on Phillips 66 (NYSE:PSX), 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 PSX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Phillips 66. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $41,860, and 9 calls, totaling $471,137.
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $70.0 and $165.0 for Phillips 66, spanning the last three months.
In terms of liquidity and interest, the mean open interest for Phillips 66 options trades today is 170.44 with a total volume of 246.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Phillips 66's big money trades within a strike price range of $70.0 to $165.0 over the last 30 days.
Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
---|---|---|---|---|---|---|---|---|---|---|---|
PSX | CALL | TRADE | NEUTRAL | 01/17/25 | $78.5 | $74.7 | $76.45 | $70.00 | $91.7K | 26 | 0 |
PSX | CALL | TRADE | BULLISH | 01/16/26 | $36.5 | $35.2 | $36.5 | $120.00 | $73.0K | 104 | 20 |
PSX | CALL | TRADE | BULLISH | 06/21/24 | $17.2 | $15.4 | $16.7 | $130.00 | $66.8K | 608 | 40 |
PSX | CALL | TRADE | BEARISH | 08/16/24 | $11.4 | $11.2 | $11.2 | $140.00 | $63.8K | 124 | 57 |
PSX | CALL | SWEEP | BEARISH | 01/16/26 | $22.9 | $22.4 | $22.4 | $145.00 | $47.0K | 173 | 46 |
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $157.33333333333334.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Phillips 66 with Benzinga Pro for real-time alerts.
Posted In: PSX