What the Options Market Tells Us About Chevron
Financial giants have made a conspicuous bullish move on Chevron. Our analysis of options history for Chevron CVX revealed 12 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $171,580, and 8 were calls, valued at $403,665.
What’s The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $135.0 to $165.0 for Chevron during the past quarter.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Chevron’s options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chevron’s significant trades, within a strike price range of $135.0 to $165.0, over the past month.
Chevron Option Activity Analysis: 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 | 10/25/24 | $14.55 | $14.1 | $14.54 | $137.00 | $100.3K | 0 | 69 |
| CVX | PUT | TRADE | BULLISH | 11/15/24 | $1.66 | $1.59 | $1.59 | $145.00 | $79.5K | 3.9K | 547 |
| CVX | CALL | TRADE | BULLISH | 10/25/24 | $11.9 | $11.55 | $11.89 | $139.00 | $66.5K | 0 | 56 |
| CVX | CALL | TRADE | BULLISH | 10/25/24 | $11.95 | $11.65 | $11.94 | $139.00 | $63.2K | 0 | 109 |
| CVX | CALL | TRADE | BEARISH | 03/21/25 | $9.05 | $9.0 | $9.0 | $150.00 | $44.1K | 681 | 50 |
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.
Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company’s own performance.
Current Position of Chevron
- With a volume of 2,114,310, the price of CVX is up 0.66% at $151.74.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 11 days.
Expert Opinions on Chevron
In the last month, 5 experts released ratings on this stock with an average target price of $172.2.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* Reflecting concerns, an analyst from RBC Capital lowers its rating to Outperform with a new price target of $170.
* Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Chevron with a target price of $163.
* Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Chevron, targeting a price of $168.
* An analyst from UBS persists with their Buy rating on Chevron, maintaining a target price of $192.
* An analyst from B of A Securities has revised its rating downward to Buy, adjusting the price target to $168.
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.
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