What the Options Market Tells Us About Occidental Petroleum
Portfolio Pulse from Benzinga Insights
High-rolling investors have shown a bullish sentiment on Occidental Petroleum (NYSE:OXY) through significant options trading activity, as tracked by Benzinga. The options market has seen a mix of bullish and bearish trades, with a notable volume in calls over puts, indicating a targeted price range for OXY between $30.0 and $70.0. Occidental Petroleum, an independent exploration and production company, has its stock trading at $64.08, with an RSI indicating it may be overbought. An earnings announcement is expected in 43 days, and an analyst from Mizuho maintains a Neutral rating with a target price of $69.
March 25, 2024 | 5:15 pm
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Occidental Petroleum has seen significant options trading activity, indicating a bullish sentiment among high-rolling investors. The stock is currently trading at $64.08, with an RSI suggesting it may be overbought. An earnings announcement is expected soon, and an analyst from Mizuho has set a target price of $69.
The significant options trading activity, particularly the volume in calls over puts, suggests a bullish sentiment among investors, which could lead to a short-term price increase. However, the RSI indicator and the upcoming earnings announcement add a level of uncertainty, hence the importance and confidence scores.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100