Investors with significant funds have taken a bearish position in Phillips 66 (NYSE:PSX), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in PSX usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 8 options transactions for Phillips 66. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 37% being bullish and 62% bearish. Of all the options we discovered, 7 are puts, valued at $613,320, and there was a single call, worth $42,160.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $100.0 and $155.0 for Phillips 66, spanning the last three months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Phillips 66's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Phillips 66's significant trades, within a strike price range of $100.0 to $155.0, over the past month.
Phillips 66 Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSX | PUT | SWEEP | BEARISH | 08/16/24 | $19.2 | $19.1 | $19.2 | $155.00 | $161.2K | 120 | 251 |
| PSX | PUT | SWEEP | BEARISH | 08/16/24 | $19.5 | $19.4 | $19.5 | $155.00 | $97.5K | 120 | 101 |
| PSX | PUT | TRADE | BULLISH | 08/16/24 | $19.8 | $19.3 | $19.4 | $155.00 | $96.9K | 120 | 151 |
| PSX | PUT | TRADE | BULLISH | 08/16/24 | $19.5 | $18.5 | $18.5 | $155.00 | $92.5K | 120 | 1 |
| PSX | PUT | SWEEP | BEARISH | 08/16/24 | $18.4 | $18.3 | $18.4 | $155.00 | $91.9K | 120 | 51 |
About Phillips 66
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
In light of the recent options history for Phillips 66, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Where Is Phillips 66 Standing Right Now?
- Trading volume stands at 1,149,091, with PSX's price up by 1.99%, positioned at $136.64.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 19 days.
Expert Opinions on Phillips 66
In the last month, 5 experts released ratings on this stock with an average target price of $151.0.
- Maintaining their stance, an analyst from TD Cowen continues to hold a Buy rating for Phillips 66, targeting a price of $155.
- An analyst from Barclays persists with their Equal-Weight rating on Phillips 66, maintaining a target price of $136.
- Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Phillips 66 with a target price of $142.
- An analyst from JP Morgan has decided to maintain their Overweight rating on Phillips 66, which currently sits at a price target of $162.
- An analyst from Mizuho has decided to maintain their Neutral rating on Phillips 66, which currently sits at a price target of $160.
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 Phillips 66 with Benzinga Pro for real-time alerts.