Someone with a lot of money to spend has taken a bearish stance on Chevron (NYSE:CVX).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, 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 this whale just did?
Today, Benzinga's options scanner spotted 15 uncommon options trades for Chevron.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 66%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $162,237, and 10 are calls, for a total amount of $443,256.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $110.0 to $175.0 for Chevron over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Chevron's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale activity within a strike price range from $110.0 to $175.0 in the last 30 days.
Chevron Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVX | CALL | SWEEP | BULLISH | 03/18/22 | $162.50 | $80.5K | 1.5K | 1.9K |
| CVX | CALL | TRADE | BEARISH | 05/20/22 | $150.00 | $66.3K | 1.7K | 49 |
| CVX | CALL | TRADE | BEARISH | 03/18/22 | $110.00 | $49.0K | 89 | 10 |
| CVX | CALL | SWEEP | BEARISH | 07/15/22 | $170.00 | $47.9K | 396 | 6 |
| CVX | CALL | TRADE | BEARISH | 08/19/22 | $160.00 | $40.7K | 382 | 34 |
Where Is Chevron Standing Right Now?
- With a volume of 3,941,470, the price of CVX is up 0.39% at $158.9.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 44 days.
What The Experts Say On Chevron:
- Citigroup has decided to maintain their Neutral rating on Chevron, which currently sits at a price target of $145.
- RBC Capital has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $160.
- Raymond James has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $173.
- DZ Bank upgraded its action to Buy with a price target of $167
- Morgan Stanley downgraded its action to Equal-Weight with 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.
