This Is What Whales Are Betting On Chevron

Investors with a lot of money to spend have taken a bearish stance on Chevron (NYSE:CVX).

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVX, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 14 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 35% bullish and 50%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $161,679, and 10 are calls, for a total amount of $474,280.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $90.0 and $170.0 for Chevron, spanning the last three months.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Chevron's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Chevron's substantial trades, within a strike price spectrum from $90.0 to $170.0 over the preceding 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
CVX CALL TRADE BULLISH 05/17/24 $2.78 $2.62 $2.78 $160.00 $83.1K 13.2K 1.0K
CVX CALL TRADE NEUTRAL 09/20/24 $7.5 $7.4 $7.45 $160.00 $74.5K 1.5K 9
CVX PUT SWEEP BEARISH 03/21/25 $8.4 $8.3 $8.41 $155.00 $63.0K 473 286
CVX CALL SWEEP BULLISH 05/17/24 $0.5 $0.49 $0.5 $162.50 $58.2K 1.8K 1.3K
CVX CALL SWEEP BEARISH 09/20/24 $7.8 $7.65 $7.7 $160.00 $57.7K 1.5K 143

About Chevron

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.

Present Market Standing of Chevron With a trading volume of 3,963,400, the price of CVX is down by -0.29%, reaching $163.13. Current RSI values indicate that the stock is may be approaching overbought. Next earnings report is scheduled for 72 days from now. What The Experts Say On Chevron

In the last month, 5 experts released ratings on this stock with an average target price of $182.6.

Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Chevron with a target price of $160. An analyst from HSBC has decided to maintain their Buy rating on Chevron, which currently sits at a price target of $178. Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Chevron, targeting a price of $204. Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Chevron, targeting a price of $205. An analyst from Truist Securities has decided to maintain their Hold rating on Chevron, which currently sits at a price target of $166.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Chevron, Benzinga Pro gives you real-time options trades alerts.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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