Occidental Petroleum's Options: A Look at What the Big Money is Thinking

Deep-pocketed investors have adopted a bullish approach towards Occidental Petroleum OXY, and it’s something market players shouldn’t ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in OXY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga’s options scanner highlighted 32 extraordinary options activities for Occidental Petroleum. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 53% leaning bullish and 18% bearish. Among these notable options, 11 are puts, totaling $1,372,497, and 21 are calls, amounting to $904,434.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $37.5 to $70.0 for Occidental Petroleum over the recent three months.

Volume & Open Interest Trends

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 $37.5 to $70.0 over the preceding 30 days.

Occidental Petroleum 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

Where Is Occidental Petroleum Standing Right Now?

• Currently trading with a volume of 7,691,139, the OXY’s price is down by -0.84%, now at $46.26.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 15 days.

What Analysts Are Saying About Occidental Petroleum

In the last month, 2 experts released ratings on this stock with an average target price of $51.5.

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* Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Occidental Petroleum, targeting a price of $58.
* Reflecting concerns, an analyst from Goldman Sachs lowers its rating to Sell with a new price target of $45.

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.