A Closer Look at ConocoPhillips's Options Market Dynamics

Author: Benzinga Insights | June 25, 2024 02:16pm

Financial giants have made a conspicuous bullish move on ConocoPhillips. Our analysis of options history for ConocoPhillips (NYSE:COP) revealed 10 unusual trades.

Delving into the details, we found 60% of traders were bullish, while 40% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $192,351, and 5 were calls, valued at $603,440.

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 $110.0 to $120.0 for ConocoPhillips over the last 3 months.

Analyzing Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ConocoPhillips'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 ConocoPhillips's whale trades within a strike price range from $110.0 to $120.0 in the last 30 days.

ConocoPhillips Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
COP	CALL	TRADE	BULLISH	11/15/24	$6.9	$6.65	$6.9	$115.00	$219.4K	1.8K	0
COP	CALL	TRADE	BULLISH	01/17/25	$6.55	$6.35	$6.5	$120.00	$195.0K	3.8K	3
COP	CALL	TRADE	BEARISH	11/15/24	$7.4	$6.75	$6.85	$115.00	$107.5K	1.8K	343
COP	CALL	TRADE	BEARISH	07/05/24	$1.35	$1.29	$1.3	$115.00	$52.0K	226	153
COP	PUT	TRADE	BULLISH	09/20/24	$4.8	$4.75	$4.75	$115.00	$47.0K	881	18

About ConocoPhillips

ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.

Current Position of ConocoPhillips

• Trading volume stands at 2,740,106, with COP's price down by -0.59%, positioned at $114.49.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 37 days.

What The Experts Say On ConocoPhillips

5 market experts have recently issued ratings for this stock, with a consensus target price of $152.6.

• An analyst from Raymond James downgraded its action to Strong Buy with a price target of $159.
• Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for ConocoPhillips, targeting a price of $132.
• An analyst from Barclays has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $160.
• An analyst from B of A Securities downgraded its action to Buy with a price target of $147.
• Maintaining their stance, an analyst from Truist Securities continues to hold a Buy rating for ConocoPhillips, targeting a price of $165.

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 ConocoPhillips options trades with real-time alerts from Benzinga Pro.

Posted In: COP