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Deep-pocketed investors have adopted a bearish approach towards Occidental Petroleum (NYSE:OXY), 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 OXY usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 27% leaning bullish and 63% bearish. Among these notable options, 8 are puts, totaling $1,043,223, and 3 are calls, amounting to $127,260.
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $50.0 to $68.0 for Occidental Petroleum over the last 3 months.
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 $50.0 to $68.0, over the past month.
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | PUT | SWEEP | BEARISH | 08/09/24 | $5.9 | $4.15 | $5.78 | $68.00 | $461.4K | 0 | 889 |
| OXY | PUT | TRADE | BEARISH | 08/09/24 | $5.7 | $5.6 | $5.68 | $68.00 | $180.0K | 0 | 360 |
| OXY | PUT | SWEEP | BEARISH | 08/09/24 | $5.7 | $5.3 | $5.57 | $68.00 | $155.9K | 0 | 36 |
| OXY | PUT | SWEEP | BEARISH | 01/17/25 | $1.45 | $1.3 | $1.3 | $55.00 | $65.0K | 22.0K | 1 |
| OXY | CALL | SWEEP | BEARISH | 12/20/24 | $6.05 | $5.95 | $5.95 | $60.00 | $64.2K | 548 | 15 |
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.
After a thorough review of the options trading surrounding Occidental Petroleum, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $69.0.
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
