Occidental Petroleum Unusual Options Activity
Portfolio Pulse from Benzinga Insights
Occidental Petroleum (NYSE:OXY) has seen significant unusual options activity, with a bearish sentiment prevailing among big-money traders. Benzinga's options scanner identified 33 unusual trades, with a split sentiment of 33% bullish and 66% bearish. The trades target a price range of $52.5 to $65.0 for OXY over the next 3 months. The largest trades observed were mostly bearish, with both calls and puts involved. Occidental Petroleum is an independent exploration and production company, with its stock price slightly down at $60.5 and analysts giving mixed ratings with an average target price of $70.25.
February 20, 2024 | 6:45 pm
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Occidental Petroleum has experienced unusual options activity indicating a bearish sentiment among investors, with a price target range of $52.5 to $65.0. Analyst ratings are mixed, with an average target price of $70.25.
The bearish sentiment from the unusual options activity, combined with the mixed analyst ratings, suggests a potential short-term downside for OXY. The significant volume of bearish trades, especially in calls, indicates that investors are preparing for a price decline. However, the average analyst target price being higher than the current price provides a conflicting view, which might limit the downside.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100