What whales are doing with Occidental Petroleum

Someone with a lot of money to spend has taken a bullish stance on western oil OXY.

And retailers should know that.

We noticed this today when the big position appeared on the history of publicly available options we track here at Benzinga.

Whether it’s an institution or just a wealthy individual, we don’t know. But when something this big happens with OXY, it often means someone knows something is going to happen.

So how do we know what this whale just did?

Today, Benzinga’s options scanner spotted 14 unusual options trades for Occidental Petroleum.

It is not normal.

The general sentiment of these big traders is split between 57% bullish and 42% bearish.

Of all the special options we discovered, 2 are put options, totaling $296,973, and 12 are call options, totaling $579,075.

What is the target price?

Given the volume and open interest on these contracts, it appears that whales have been targeting a $8.0-$90.0 price range for Occidental Petroleum over the past 3 months.

Development of volume and open interest

In terms of liquidity and interest, the average open interest for Occidental Petroleum options trades today is 6,248.44 with a total volume of 5,108.00.

In the following chart we are able to follow the evolution of the volume and open interest of call and put options for Occidental Petroleum large trades within a strike price range of 8.0 $ to $90.0 in the last 30 days.

Occidental Petroleum Option Volume and Open Interest in the Last 30 Days

The biggest options spotted:









Symbol PUT/CALL Kind of trade Feeling Exp. Date Strike price Total trade price open interest Volume
OXY PUT TRADE BEARISH 08/19/22 $67.50 $199,200 429 212
OXY CALL SCANNING BULLISH 09/16/22 $90.00 $116,100 2.0K 652
OXY PUT SCANNING BULLISH 05/27/22 $65.00 $97.6,000 2.1K 1.9K
OXY CALL SCANNING BULLISH 07/15/22 $70.00 $87,000 18.8K 258
OXY CALL TRADE BEARISH 10/21/22 $55.00 $70,800 333 50

Where is Occidental Petroleum right now?

  • With a volume of 4,769,934, OXY’s price is down -1.92% to $64.17.
  • RSI indicators suggest that the underlying stock could be close to overbought.
  • The next results should be published in 70 days.

What experts say about Occidental Petroleum:

  • Susquehanna has decided to maintain its positive rating on Occidental Petroleum, which currently sits at a price target of $73.
  • Wells Fargo has decided to maintain its underweight rating on Occidental Petroleum, which currently sits at a price target of $58.
  • Raymond James has decided to maintain its Strong Buy rating on Occidental Petroleum, which currently sits at a price target of $90.

Options are a riskier asset than just trading stocks, but they have a higher profit potential. Serious options traders manage this risk by educating themselves daily, increasing and decreasing trades, following more than one indicator, and following the markets closely.

If you want to stay up to date on the latest options trading for {d[company_name]}, Benzinga Pro gives you real-time alerts on options trades.

About Mildred B.

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