Chevron Stock Higher on Bull Note From Citi

CVX options traders have grown increasingly bullish in recent weeks

Managing Editor
Mar 29, 2018 at 9:54 AM
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Shares of oil-and-gas concern Chevron Corporation (NYSE:CVX) are up 0.4% at $112.58, after the stock received a price-target hike from Citigroup, to $133 from $125. The raise follows yesterday's dip for CVX stock, as oil prices fell after the Energy Information Administration (EIA) reported a bigger-than-expected rise in U.S. crude stockpiles.

Overall, Chevron stock has had an unimpressive year, shedding 10% year-to-date. The stock notched a three-year peak of $133.86 on Jan. 16, but soon after plummeted on a disappointing earnings report and amid the broader stock market correction. CVX stock ultimately fell to the $108 level in early February, and since then has struggled beneath its 160-day moving average.

Despite the stock's 2018 performance, analyst attention has been optimistic towards CVX, with 13 out of 17 carrying "strong buy" recommendations. Further, the stock's 12-month price-target of $135.50 sits at a 21% premium to current levels.

In the options pits, sentiment has been bullish as well, with data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) showing CVX with a 10-day call/put volume ratio of 2.22, ranking in the 85th percentile of its annual range. This shows that during the past two weeks, CVX calls have been purchased over puts at a much faster-than-usual clip.

Echoing this, Chevron stock's Schaeffer's put/call open interest ratio (SOIR) of 0.77 is in just the 20th percentile of its annual range, implying that short-term traders are more call-heavy than usual right now.

 

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