Occidental Petroleum Options Trading: A Deep Dive into Market Sentiment

Author: Benzinga Insights | June 06, 2024 11:30am

Financial giants have made a conspicuous bullish move on Occidental Petroleum. Our analysis of options history for Occidental Petroleum (NYSE:OXY) revealed 12 unusual trades.

Delving into the details, we found 66% of traders were bullish, while 33% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value of $1,067,224, and 5 were calls, valued at $244,930.

Expected Price Movements

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 $70.0 for Occidental Petroleum, spanning the last three months.

Analyzing Volume & Open Interest

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 $52.5 to $70.0 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	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
OXY	PUT	SWEEP	BULLISH	09/20/24	$1.69	$1.68	$1.68	$57.50	$385.4K	3.9K	20
OXY	PUT	SWEEP	BEARISH	07/19/24	$1.74	$1.73	$1.74	$60.00	$261.1K	9.7K	1.6K
OXY	PUT	SWEEP	BULLISH	09/20/24	$2.62	$2.55	$2.55	$60.00	$255.9K	6.2K	120
OXY	CALL	SWEEP	BULLISH	06/20/25	$10.1	$9.95	$10.1	$55.00	$76.7K	622	128
OXY	PUT	SWEEP	BEARISH	11/15/24	$6.35	$6.25	$6.35	$65.00	$74.9K	879	182

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 2023, the company reported net proved reserves of nearly 4 billion barrels of oil equivalent. Net production averaged 1,234 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

Current Position of Occidental Petroleum

• With a trading volume of 1,712,580, the price of OXY is up by 0.1%, reaching $59.9.
• Current RSI values indicate that the stock is may be oversold.
• Next earnings report is scheduled for 55 days from now.

What Analysts Are Saying About Occidental Petroleum

5 market experts have recently issued ratings for this stock, with a consensus target price of $69.8.

• An analyst from Mizuho has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $76.
• Consistent in their evaluation, an analyst from Citigroup keeps a Neutral rating on Occidental Petroleum with a target price of $65.
• In a cautious move, an analyst from Truist Securities downgraded its rating to Hold, setting a price target of $69.
• Consistent in their evaluation, an analyst from Mizuho keeps a Neutral rating on Occidental Petroleum with a target price of $71.
• An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $68.

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.

Posted In: OXY