Benzinga | Dec 28, 2021 11:39AM EST

Looking At Chevron's Recent Whale Trades

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.

Today, Benzinga's options scanner spotted 10 options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 20% bullish and 80%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $50,536, and 9, calls, for a total amount of $422,336..

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 $87.5 to $120.0 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 $87.5 to $120.0 in the last 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestCVX CALL SWEEP BULLISH 01/21/ $115.00 $69.7K 13.2K 83 22CVX CALL TRADE NEUTRAL 02/04/ $116.00 $54.5K 755 0 22CVX CALL TRADE BULLISH 02/04/ $116.00 $54.0K 755 300 22CVX CALL TRADE BEARISH 01/21/ $115.00 $53.0K 13.2K 563 22CVX PUT SWEEP BEARISH 03/18/ $120.00 $50.5K 439 90 22

Where Is Chevron Standing Right Now?

* With a volume of 2,238,272, the price of CVX is down -0.18% at $118.58.

* RSI indicators hint that the underlying stock may be approaching overbought.

* Next earnings are expected to be released in 31 days.

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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.