Looking At Occidental Petroleum's Recent Unusual Options Activity

Author: Benzinga Insights | August 26, 2024 04:01pm

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 18 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 38% leaning bullish and 55% bearish. Among these notable options, 2 are puts, totaling $378,567, and 16 are calls, amounting to $857,806.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $67.5 for Occidental Petroleum, spanning the last three months.

Volume & Open Interest Development

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 $30.0 to $67.5 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	TRADE	BEARISH	01/17/25	$2.13	$2.08	$2.11	$55.00	$331.6K	22.4K	1.6K
OXY	CALL	TRADE	BEARISH	01/17/25	$2.97	$2.94	$2.94	$60.00	$294.0K	13.9K	1.3K
OXY	CALL	TRADE	BEARISH	10/18/24	$2.43	$2.42	$2.42	$57.50	$57.5K	5.0K	2.7K
OXY	CALL	SWEEP	BEARISH	10/18/24	$1.07	$1.05	$1.05	$60.00	$53.7K	12.5K	3.5K
OXY	CALL	SWEEP	BEARISH	01/17/25	$1.24	$1.23	$1.23	$65.00	$47.7K	19.1K	892

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 9,078,112, the price of OXY is up by 0.34%, reaching $57.44.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 71 days from now.

What Analysts Are Saying About Occidental Petroleum

A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $69.0.

• An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $65.
• An analyst from Truist Securities has decided to maintain their Hold rating on Occidental Petroleum, which currently sits at a price target of $65.
• An analyst from UBS has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $70.
• In a cautious move, an analyst from Stephens & Co. downgraded its rating to Overweight, setting a price target of $76.

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 Occidental Petroleum with Benzinga Pro for real-time alerts.

Posted In: OXY