A Closer Look at Occidental Petroleum's Options Market Dynamics
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a bearish sentiment towards Occidental Petroleum (NYSE:OXY), as revealed by Benzinga's options scanner. The scanner detected 19 unusual options activities, with a divided sentiment among investors: 47% bullish and 52% bearish. The options trading focused on a price range between $52.5 and $75.0. Notable options activity included both calls and puts, with significant trades highlighted. Occidental Petroleum, an independent exploration and production company, reported net proved reserves of nearly 4 billion barrels of oil equivalent and an average production of 1,234 thousand barrels per day in 2023. The stock's current trading volume is 3,089,627, with a slight increase of 0.4% in price, standing at $65.25. Analysts from Mizuho and Morgan Stanley have provided ratings with an average price target of $70.5.
April 01, 2024 | 4:45 pm
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NEUTRAL IMPACT
Occidental Petroleum has seen a bearish sentiment from deep-pocketed investors according to Benzinga's options scanner, with a notable division in sentiment and a focus on a price range between $52.5 and $75.0. The company has solid fundamentals with significant reserves and production levels. Analysts have set an average price target of $70.5.
The bearish sentiment from investors, as indicated by the options market, could lead to short-term volatility in OXY's stock price. However, the company's strong fundamentals and the analysts' positive outlook with an average price target of $70.5 suggest a neutral to potentially positive short-term impact. The division in investor sentiment and the focus on a specific price range indicate uncertainty, which is why a neutral score is assigned.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100