Whales with a lot of money to spend have taken a noticeably bullish stance on Occidental Petroleum.
Looking at options history for Occidental Petroleum (NYSE:OXY) we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 37% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $75,680 and 6, calls, for a total amount of $549,350.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $57.5 to $67.5 for Occidental Petroleum over the recent three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Occidental Petroleum's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Occidental Petroleum's significant trades, within a strike price range of $57.5 to $67.5, over the past month.
Occidental Petroleum Option Volume And Open Interest Over Last 30 Days
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 | TRADE | BULLISH | 08/16/24 | $3.35 | $3.35 | $3.35 | $60.00 | $167.5K | 6.3K | 1.1K |
| OXY | CALL | SWEEP | BEARISH | 12/20/24 | $7.15 | $7.1 | $7.1 | $57.50 | $161.1K | 1.5K | 2 |
| OXY | CALL | SWEEP | BULLISH | 08/16/24 | $3.15 | $3.1 | $3.15 | $60.00 | $110.2K | 6.3K | 131 |
| OXY | PUT | SWEEP | BEARISH | 09/20/24 | $5.9 | $5.8 | $5.9 | $67.50 | $48.3K | 1.7K | 0 |
| OXY | CALL | TRADE | NEUTRAL | 08/16/24 | $3.2 | $3.1 | $3.15 | $60.00 | $47.2K | 6.3K | 131 |
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.
In light of the recent options history for Occidental Petroleum, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Occidental Petroleum
- Trading volume stands at 2,082,803, with OXY's price up by 0.42%, positioned at $62.26.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 22 days.
What Analysts Are Saying About Occidental Petroleum
In the last month, 4 experts released ratings on this stock with an average target price of $73.5.
- Maintaining their stance, an analyst from Stephens & Co. continues to hold a Overweight rating for Occidental Petroleum, targeting a price of $77.
- An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Occidental Petroleum, which currently sits at a price target of $69.
- Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Occidental Petroleum, targeting a price of $80.
- An analyst from Wells Fargo persists with their Equal-Weight rating on Occidental Petroleum, maintaining a target price of $68.
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.