Decoding ConocoPhillips's Options Activity: What's the Big Picture?

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

Looking at options history for ConocoPhillips COP we detected 10 trades.

If we consider the specifics of each trade, it is accurate to state that 20% of the investors opened trades with bullish expectations and 70% with bearish.

From the overall spotted trades, 6 are puts, for a total amount of $473,625 and 4, calls, for a total amount of $2,875,168.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $70.0 and $110.0 for ConocoPhillips, spanning the last 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 ConocoPhillips’s options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across ConocoPhillips’s significant trades, within a strike price range of $70.0 to $110.0, over the past month.

ConocoPhillips 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

About ConocoPhillips

ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.

Having examined the options trading patterns of ConocoPhillips, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

ConocoPhillips’s Current Market Status

• Trading volume stands at 3,576,157, with COP’s price up by 0.13%, positioned at $98.95.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 65 days.

Professional Analyst Ratings for ConocoPhillips

A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $131.0.

Unusual Options Activity Detected: Smart Money on the Move

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* An analyst from Barclays persists with their Overweight rating on ConocoPhillips, maintaining a target price of $135.
* An analyst from Wells Fargo has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $128.
* An analyst from Raymond James has revised its rating downward to Outperform, adjusting the price target to $124.
* Maintaining their stance, an analyst from UBS continues to hold a Buy rating for ConocoPhillips, targeting a price of $137.

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 ConocoPhillips with Benzinga Pro for real-time alerts.