Traders Bet Bullish Options on OXY Before Earnings
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- Occidental Petroleum saw call volume outpace puts 7-to-1 ahead of its Tuesday earnings, with three times as many calls bought on Monday.
- Berkshire Hathaway owns 27% of OXY's outstanding shares, reinforcing its status as a Warren Buffett favorite.
- Call spread worth $175,000 was bought to capture a potential 1-year high in OXY by week‑end, with a 63‑strike call bought and a 69‑strike call sold.
- XLE rose 30% YTD, trailing OXY's 42% gain, highlighting the stock's outperformance.
- Occidental has rallied after 10 of its last 12 earnings, including a 10% jump after February's report.
Why it matters: Traders who bought the $175,000 call spread stand to profit from OXY’s price jump, while Berkshire Hathaway’s 27% holding gains value as the stock’s 42% YTD rise boosts the conglomerate’s earnings, increasing its investment capacity.
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