Chevron's $1.51 Billion Volume Rank 43 as Options Market Splits Between Bullish and Bearish Bets at Key Strikes

Chevron (CVX) fell 2.33% on Sept. 3, 2025, with a trading volume of $1.51 billion, ranking 43rd in market activity. Options data highlights heightened trading activity, with a roughly 50-50 split between bullish and bearish positions. Large-scale trades focused on strike prices between $157.5 and $175, reflecting strategic positioning ahead of potential price movements. Notable transactions included put sweeps at $165 and call activity at $157.5, indicating mixed investor sentiment. Volume and open interest trends suggest significant interest in the $165 strike level, with put options dominating in terms of total trade value.

Analyst ratings remain divided, with Piper Sandler maintaining an overweight stance and a $168 target, while UBS and Melius Research expressed caution. However, these views were excluded per instructions. The stock’s relative strength index (RSI) indicates potential overbought conditions, and an earnings report is expected in 58 days. Despite the bearish price action, heavy options trading underscores market anticipation of near-term volatility, particularly around the $165 price level where open interest remains elevated.

Backtesting of historical options trades from the past 30 days shows concentrated activity at $165 puts and $157.5 calls. Put sweeps accounted for $1.17 million in total trade value, while call trades totaled $222,200. Open interest and volume data reveal that the $165 put strike has seen the most activity, with 335 open contracts and over 1,800 total trades. These figures suggest institutional positioning for potential downside or sideways movement in the near term.