News

Behind the Scenes of Occidental Petroleum’s Latest Options Trends – Occidental Petroleum (NYSE:OXY)



Whales with a lot of money to spend have taken a noticeably bullish stance on Occidental Petroleum.

Looking at options history for Occidental Petroleum OXY we detected 25 trades.

If we consider the specifics of each trade, it is accurate to state that 64% of the investors opened trades with bullish expectations and 36% with bearish.

From the overall spotted trades, 8 are puts, for a total amount of $834,780 and 17, calls, for a total amount of $674,453.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $47.5 to $80.0 for Occidental Petroleum over the last 3 months.

Volume & Open Interest Development

In today’s trading context, the average open interest for options of Occidental Petroleum stands at 3851.22, with a total volume reaching 12,084.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Occidental Petroleum, situated within the strike price corridor from $47.5 to $80.0, throughout the last 30 days.

Occidental Petroleum Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
OXY PUT SWEEP BULLISH 02/02/24 $62.00 $289.7K 115 500
OXY PUT SWEEP BEARISH 08/16/24 $67.50 $207.0K 365 181
OXY PUT SWEEP BEARISH 06/20/25 $52.50 $115.6K 2.9K 230
OXY CALL SWEEP BULLISH 09/20/24 $50.00 $73.0K 425 0
OXY CALL SWEEP BULLISH 08/16/24 $50.00 $69.6K 11 75

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 2022, the company reported net proved reserves of 3.8 billion barrels of oil equivalent. Net production averaged 1,159 thousand barrels of oil equivalent per day in 2022 at a ratio of 75% oil and natural gas liquids and 25% 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.

Present Market Standing of Occidental Petroleum

  • Trading volume stands at 4,827,166, with OXY’s price down by -0.94%, positioned at $56.09.
  • RSI indicators show the stock to be may be approaching oversold.
  • Earnings announcement expected in 28 days.

Expert Opinions on Occidental Petroleum

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $63.0.

  • Reflecting concerns, an analyst from Mizuho lowers its rating to Neutral with a new price target of $63.

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.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button