What whales do with Chevron

Someone with a lot of money to spend has taken a bearish stance on Chevron CLC.

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 CVX, 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 52 unusual options trades for Chevron.

It is not normal.

The general sentiment of these big traders is split between 48% bullish and 51% bearish.

Of all the special options we discovered, 13 are put options, totaling $1,146,392, and 39 are call options, totaling $2,340,616.

What is the target price?

Given the volume and open interest on these contracts, it appears that whales have been targeting a price range of $110.0-$200.0 for Chevron over the past 3 months.

Development of volume and open interest

In terms of liquidity and interest, the average open interest for Chevron Options trades today is 2231.02 with a total volume of 19,641.00.

In the following chart, we are able to track the evolution of the volume and open interest of call and put options for large Chevron trades within a strike price range of $110.0 to $200.0 in the last 30 days.

Chevron Options 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
CLC PUT SCANNING BULLISH 11/18/22 $160.00 $377,700 222 306
CLC PUT TRADE BULLISH 01/20/23 $145.00 $198.7K 692 257
CLC CALL SCANNING BEARISH 06/05/22 $175.00 $161,700 269 913
CLC CALL TRADE BEARISH 01/20/23 $175.00 $159,500 1.7K 300
CLC CALL TRADE BEARISH 01/20/23 $175.00 $158,000 1.7K 100

Where is Chevron right now?

  • With a volume of 7,386,102, the price of CVX is up 2.28% to $169.33.
  • RSI indicators suggest that the underlying stock could be close to overbought.
  • The next results should be published in 17 days.

What experts say about Chevron:

  • Morgan Stanley downgraded its stock to Equal-Weight with a price target of $166
  • UBS has decided to maintain its buy rating on Chevron, which currently sits at a price target of $192.

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.

About Mildred B.

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