What the Options Market Tells Us About ConocoPhillips

Investors with a lot of money to spend have taken a bearish stance on ConocoPhillips (NYSE:COP).

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 COP, 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 8 uncommon options trades for ConocoPhillips.

This isn’t normal.

The overall sentiment of these big-money traders is split between 25% bullish and 50%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $117,530, and 5 are calls, for a total amount of $368,597.

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 $82.5 to $97.5 for ConocoPhillips during the past quarter.

Insights into Volume & Open Interest

In today’s trading context, the average open interest for options of ConocoPhillips stands at 2052.12, with a total volume reaching 3,588.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in ConocoPhillips, situated within the strike price corridor from $82.5 to $97.5, throughout the last 30 days.

ConocoPhillips Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
COP	CALL	TRADE	BEARISH	01/16/26	$2.85	$2.72	$2.75	$95.00	$110.0K	2.7K	443
COP	CALL	TRADE	NEUTRAL	02/20/26	$5.45	$5.25	$5.35	$92.50	$105.9K	934	209
COP	CALL	SWEEP	BULLISH	01/21/28	$19.3	$19.0	$19.3	$85.00	$100.3K	94	52
COP	PUT	TRADE	NEUTRAL	12/12/25	$0.3	$0.16	$0.23	$90.00	$54.6K	5.7K	2.3K
COP	PUT	SWEEP	BULLISH	03/20/26	$4.05	$4.0	$4.0	$90.00	$34.0K	493	96

About ConocoPhillips

ConocoPhillips is a US-based independent exploration and production firm. Its operations are primarily in Alaska and the Lower 48, with footprints in Canada, Europe, Asia-Pacific, the Middle East, and Africa. It also has substantial integrated LNG production and marketing activities across geographies.

In light of the recent options history for ConocoPhillips, it’s now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of ConocoPhillips

• With a volume of 2,489,896, the price of COP is up 0.04% at $92.92.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 58 days.

Expert Opinions on ConocoPhillips

2 market experts have recently issued ratings for this stock, with a consensus target price of $111.0.

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* An analyst from UBS has decided to maintain their Buy rating on ConocoPhillips, which currently sits at a price target of $117.
* An analyst from Johnson Rice has revised its rating downward to Hold, adjusting the price target to $105.

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 ConocoPhillips, Benzinga Pro gives you real-time options trades alerts.