Chevron Whale Trades For March 22

Someone with a lot of money to spend has taken a bearish stance on Chevron 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 41 uncommon options trades for Chevron.

This isn’t normal.

The overall sentiment of these big-money traders is split between 41% bullish and 58%, bearish.

Out of all of the special options we uncovered, 12 are puts, for a total amount of $655,604, and 29 are calls, for a total amount of $2,097,058.

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 $70.0 to $180.0 for Chevron over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $70.0 to $180.0 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 BEARISH 06/17/22 $180.00 $365.7K 1.2K 1.0K
CVX CALL TRADE BEARISH 04/14/22 $145.00 $187.8K 4.0K 102
CVX CALL TRADE BULLISH 01/20/23 $120.00 $133.1K 2.5K 29
CVX CALL TRADE BEARISH 05/20/22 $135.00 $119.2K 2.2K 2
CVX CALL SWEEP BULLISH 06/17/22 $165.00 $118.0K 1.8K 590

Where Is Chevron Standing Right Now?

  • With a volume of 8,551,061, the price of CVX is down -0.39% at $164.0.
  • RSI indicators hint that the underlying stock may be overbought.
  • Next earnings are expected to be released in 38 days.

What The Experts Say On Chevron:

  • Morgan Stanley downgraded its action to Equal-Weight with a price target of $166
  • Citigroup has decided to maintain their Neutral rating on Chevron, which currently sits at a price target of $145.
  • JP Morgan has decided to maintain their Neutral rating on Chevron, which currently sits at a price target of $140.
  • DZ Bank upgraded its action to Buy with a price target of $167
  • RBC Capital has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $160.

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.

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