Occidental Petroleum Options Trading: A Deep Dive into Market Sentiment
Investors with a lot of money to spend have taken a bearish stance on Occidental Petroleum (NYSE:OXY).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with OXY, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 19 uncommon options trades for Occidental Petroleum.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 52%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $236,718, and 17 are calls, for a total amount of $1,457,329.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $70.0 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 2488.0, with a total volume reaching 14,976.00. 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 $55.0 to $70.0, throughout the last 30 days.
Occidental Petroleum 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OXY | CALL | SWEEP | BEARISH | 01/17/25 | $3.35 | $3.3 | $3.35 | $65.00 | $507.3K | 4.5K | 1.9K |
| OXY | PUT | TRADE | NEUTRAL | 08/16/24 | $3.55 | $3.45 | $3.5 | $65.00 | $210.0K | 3.7K | 23 |
| OXY | CALL | SWEEP | BEARISH | 06/20/25 | $10.85 | $10.3 | $10.2 | $55.00 | $203.2K | 838 | 5 |
| OXY | CALL | SWEEP | BULLISH | 01/17/25 | $3.7 | $3.5 | $3.65 | $65.00 | $183.5K | 4.5K | 2 |
| OXY | CALL | SWEEP | BEARISH | 01/17/25 | $3.45 | $3.35 | $3.35 | $65.00 | $88.4K | 4.5K | 1.9K |
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.
Following our analysis of the options activities associated with Occidental Petroleum, we pivot to a closer look at the company's own performance.
Occidental Petroleum's Current Market Status
- Currently trading with a volume of 5,214,435, the OXY's price is down by -1.31%, now at $62.3.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 16 days.
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.