What the Options Market Tells Us About Occidental Petroleum

Whales with a lot of money to spend have taken a noticeably bearish stance on Occidental Petroleum.

Looking at options history for Occidental Petroleum OXY we detected 10 trades.

If we consider the specifics of each trade, it is accurate to state that 40% of the investors opened trades with bullish expectations and 60% with bearish.

From the overall spotted trades, 4 are puts, for a total amount of $146,300 and 6, calls, for a total amount of $255,160.

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 $50.0 to $55.0 for Occidental Petroleum over the last 3 months.

Insights into Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Occidental Petroleum’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Occidental Petroleum’s substantial trades, within a strike price spectrum from $50.0 to $55.0 over the preceding 30 days.

Occidental Petroleum 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

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.

Present Market Standing of Occidental Petroleum

• With a trading volume of 4,452,147, the price of OXY is up by 0.61%, reaching $51.85.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 82 days from now.

What Analysts Are Saying About Occidental Petroleum

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $65.6.

Unusual Options Activity Detected: Smart Money on the Move

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* An analyst from Susquehanna has decided to maintain their Positive rating on Occidental Petroleum, which currently sits at a price target of $65.
* Maintaining their stance, an analyst from Raymond James continues to hold a Strong Buy rating for Occidental Petroleum, targeting a price of $78.
* An analyst from Stephens & Co. has decided to maintain their Overweight rating on Occidental Petroleum, which currently sits at a price target of $71.
* An analyst from JP Morgan downgraded its action to Neutral with a price target of $56.
* An analyst from UBS has decided to maintain their Neutral rating on Occidental Petroleum, which currently sits at a price target of $58.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Occidental Petroleum options trades with real-time alerts from Benzinga Pro.