Deep-pocketed investors have adopted a bullish 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 9 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 77% leaning bullish and 11% bearish. Among these notable options, 7 are puts, totaling $700,848, and 2 are calls, amounting to $69,740.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $62.5 to $70.0 for Occidental Petroleum during the past quarter.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Occidental Petroleum stands at 2192.25, with a total volume reaching 4,040.00. 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 $62.5 to $70.0, throughout the last 30 days.
Occidental Petroleum Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | PUT | SWEEP | NEUTRAL | 05/31/24 | $6.2 | $5.6 | $5.85 | $69.00 | $207.4K | 0 | 0 |
| OXY | PUT | TRADE | BULLISH | 11/15/24 | $3.2 | $3.15 | $3.1 | $62.50 | $139.5K | 1.6K | 466 |
| OXY | PUT | SWEEP | BULLISH | 05/31/24 | $6.65 | $6.55 | $6.57 | $70.00 | $93.9K | 0 | 1.3K |
| OXY | PUT | TRADE | BULLISH | 05/31/24 | $6.15 | $5.65 | $5.85 | $69.00 | $78.9K | 0 | 490 |
| OXY | PUT | SWEEP | BULLISH | 05/31/24 | $6.95 | $6.85 | $6.88 | $70.00 | $68.0K | 0 | 894 |
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.
Present Market Standing of Occidental Petroleum
- Trading volume stands at 2,271,284, with OXY's price up by 0.43%, positioned at $63.68.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 72 days.
Professional Analyst Ratings for Occidental Petroleum
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $73.0.
- An analyst from Mizuho persists with their Neutral rating on Occidental Petroleum, maintaining a target price of $76.
- Maintaining their stance, an analyst from Mizuho continues to hold a Neutral rating for Occidental Petroleum, targeting a price of $71.
- In a cautious move, an analyst from Truist Securities downgraded its rating to Hold, setting a price target of $69.
- 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.
- An analyst from Susquehanna has decided to maintain their Positive rating on Occidental Petroleum, which currently sits at a price target of $81.
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.