Unpacking the Latest Options Trading Trends in ConocoPhillips

Author: Benzinga Insights | April 16, 2024 03:02pm

Whales with a lot of money to spend have taken a noticeably bearish stance on ConocoPhillips.

Looking at options history for ConocoPhillips (NYSE:COP) we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 66% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $91,344 and 7, calls, for a total amount of $542,110.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $70.0 and $135.0 for ConocoPhillips, spanning the last three months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in ConocoPhillips's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to ConocoPhillips's substantial trades, within a strike price spectrum from $70.0 to $135.0 over the preceding 30 days.

ConocoPhillips Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
COP	CALL	SWEEP	BULLISH	09/20/24	$40.25	$38.2	$40.25	$90.00	$201.2K	56	0
COP	CALL	SWEEP	BEARISH	08/16/24	$5.6	$5.55	$5.55	$135.00	$138.7K	1.2K	280
COP	CALL	SWEEP	NEUTRAL	05/17/24	$11.9	$11.0	$11.0	$120.00	$57.2K	7.6K	9
COP	PUT	SWEEP	BULLISH	11/15/24	$3.2	$3.1	$3.15	$110.00	$49.1K	12	157
COP	CALL	TRADE	BEARISH	05/17/24	$20.0	$19.8	$19.8	$110.00	$43.5K	1.0K	22

About ConocoPhillips

ConocoPhillips is a U.S.-based independent exploration and production firm. In 2022, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2022 were 6.6 billion barrels of oil equivalent.

Current Position of ConocoPhillips

• With a trading volume of 2,229,464, the price of COP is down by -0.46%, reaching $129.65.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 16 days from now.

What The Experts Say On ConocoPhillips

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $150.2.

• An analyst from Truist Securities has decided to maintain their Buy rating on ConocoPhillips, which currently sits at a price target of $170.
• An analyst from Wells Fargo has decided to maintain their Overweight rating on ConocoPhillips, which currently sits at a price target of $149.
• Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Perform rating on ConocoPhillips with a target price of $135.
• An analyst from Barclays has revised its rating downward to Overweight, adjusting the price target to $158.
• An analyst from Mizuho downgraded its action to Neutral with a price target of $139.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest ConocoPhillips options trades with real-time alerts from Benzinga Pro.

Posted In: COP