OXY

Occidental (OXY) saw a big move last session, as its shares jumped more than 6% on the day, amid huge volumes.

Oil has rocketed past the rest of the market as excitement builds about imminent coronavirus vaccines. In fact, some oil stocks have been doing even better than the vaccine-makers.

The S&P energy sector ([[XLE]] +4.6%) starts off with a nearly 5% gain today as crude oil jumps to its highest level since early March; extending early gains, January WTI

Shares of Occidental Petroleum (NYSE: OXY) saw some unusual options activity on Tuesday. Following the unusual option alert, the stock price moved down to $15.75. * Sentiment: BULLISH * Option Type: SWEEP * Trade Type: CALL * Expiration Date: 2021-01-15 * Strike Price: $20.00 * Volume: 1107 * Open Interest: 7614Three Ways Options Activity Is 'Unusual'One way options market activity can be considered unusual is when volume is exceptionally higher than its historical average. The volume of options activity refers to the number of contracts traded over a given time period. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it.Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset.Contracts with a strike price far from the underlying price are also considered unusual because they are defined as being "out of the money". This occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made because the underlying asset value is expected to change dramatically in the future, and the buyer or seller can take advantage of a greater profit margin.Bullish And Bearish Sentiments Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price.These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.Trading Options With These Strategies Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.For more information to understand options alerts, visit https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alertsSee more from Benzinga * Click here for options trades from Benzinga * Benzinga's Top Upgrades, Downgrades For November 20, 2020 * Benzinga's Top Upgrades, Downgrades For November 11, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Crude oil (CL1:COM) trades at its highest level since March, and shares of oil companies are climbing in the pre-market as investors show confidence in the prospect of a reopening

The energy sector enjoyed a broad, and in many cases sharp, rally in afternoon trading Monday, as crude oil prices rose to a 3-month high on increasing hopes...

Upgrades * According to Canaccord Genuity, the prior rating for Spirit AeroSystems Holdings Inc (NYSE: SPR) was changed from Hold to Buy. In the third quarter, Spirit AeroSystems Hldgs showed an EPS of $1.34, compared to $1.62 from the year-ago quarter. The stock has a 52-week-high of 92.37 and a 52-week-low of 13.69. At the end of the last trading period, Spirit AeroSystems Hldgs closed at $32.59. * For SM Energy Co (NYSE: SM), Stifel upgraded the previous rating of Hold to the current rating Buy. SM Energy earned $0.05 in the third quarter, compared to $0.11 in the year-ago quarter. The current stock performance of SM Energy shows a 52-week-high of 12.4 and a 52-week-low of 0.9. Moreover, at the end of the last trading period, the closing price was at $3.43. * Keefe, Bruyette & Woods upgraded the previous rating for Nasdaq Inc (NASDAQ: NDAQ) from Market Perform to Outperform. For the third quarter, Nasdaq had an EPS of $1.53, compared to year-ago quarter EPS of $1.27. At the moment, the stock has a 52-week-high of 139.5 and a 52-week-low of 71.66. Nasdaq closed at $124.76 at the end of the last trading period. * According to Goldman Sachs, the prior rating for Leggett & Platt Inc (NYSE: LEG) was changed from Neutral to Buy. Leggett & Platt earned $0.80 in the third quarter, compared to $0.76 in the year-ago quarter. The current stock performance of Leggett & Platt shows a 52-week-high of 53.235 and a 52-week-low of 22.03. Moreover, at the end of the last trading period, the closing price was at $43.26. * For Forterra Inc (NASDAQ: FRTA), Goldman Sachs upgraded the previous rating of Neutral to the current rating Buy. Forterra earned $0.42 in the third quarter, compared to $0.34 in the year-ago quarter. The current stock performance of Forterra shows a 52-week-high of 17.5799 and a 52-week-low of 3.45. Moreover, at the end of the last trading period, the closing price was at $15.74. * Susquehanna upgraded the previous rating for Occidental Petroleum Corp (NYSE: OXY) from Neutral to Positive. Occidental Petroleum earned $0.84 in the third quarter, compared to $0.11 in the year-ago quarter. At the moment, the stock has a 52-week-high of 47.58 and a 52-week-low of 8.52. Occidental Petroleum closed at $13.37 at the end of the last trading period. * For Eagle Materials Inc (NYSE: EXP), Goldman Sachs upgraded the previous rating of Neutral to the current rating Buy. In the second quarter, Eagle Materials showed an EPS of $2.02, compared to $1.77 from the year-ago quarter. The current stock performance of Eagle Materials shows a 52-week-high of 97.79 and a 52-week-low of 41.83. Moreover, at the end of the last trading period, the closing price was at $92.72. * For Capri Holdings Ltd (NYSE: CPRI), BTIG upgraded the previous rating of Neutral to the current rating Buy. For the second quarter, Capri Holdings had an EPS of $0.90, compared to year-ago quarter EPS of $1.16. At the moment, the stock has a 52-week-high of 39.9 and a 52-week-low of 5.42. Capri Holdings closed at $33.35 at the end of the last trading period. * According to Canaccord Genuity, the prior rating for Astronics Corp (NASDAQ: ATRO) was changed from Hold to Buy. In the third quarter, Astronics showed an EPS of $0.17, compared to $0.00 from the year-ago quarter. At the moment, the stock has a 52-week-high of 30.64 and a 52-week-low of 6.2993. Astronics closed at $9.50 at the end of the last trading period. * For Schnitzer Steel Industries Inc (NASDAQ: SCHN), KeyBanc upgraded the previous rating of Sector Weight to the current rating Overweight. For the fourth quarter, Schnitzer Steel Indus had an EPS of $0.23, compared to year-ago quarter EPS of $0.42. At the moment, the stock has a 52-week-high of 25.1 and a 52-week-low of 10.09. Schnitzer Steel Indus closed at $23.89 at the end of the last trading period. * KeyBanc upgraded the previous rating for Cleveland-Cliffs Inc (NYSE: CLF) from Sector Weight to Overweight. Cleveland-Cliffs earned $0.04 in the third quarter, compared to $0.33 in the year-ago quarter. The stock has a 52-week-high of 9.34 and a 52-week-low of 2.63. At the end of the last trading period, Cleveland-Cliffs closed at $8.89. Downgrades * For WPX Energy Inc (NYSE: WPX), Stifel downgraded the previous rating of Buy to the current rating Hold. WPX Energy earned $0.11 in the third quarter, compared to $0.09 in the year-ago quarter. At the moment, the stock has a 52-week-high of 14.425 and a 52-week-low of 1.94. WPX Energy closed at $6.92 at the end of the last trading period. * For Vulcan Materials Co (NYSE: VMC), Goldman Sachs downgraded the previous rating of Buy to the current rating Neutral. In the third quarter, Vulcan Materials showed an EPS of $1.56, compared to $1.68 from the year-ago quarter. The current stock performance of Vulcan Materials shows a 52-week-high of 153.88 and a 52-week-low of 65.56. Moreover, at the end of the last trading period, the closing price was at $140.20. * For Trane Technologies PLC (NYSE: TT), Goldman Sachs downgraded the previous rating of Buy to the current rating Neutral. For the third quarter, Trane Technologies had an EPS of $1.72, compared to year-ago quarter EPS of $1.99. At the moment, the stock has a 52-week-high of 153.72 and a 52-week-low of 70.0. Trane Technologies closed at $146.91 at the end of the last trading period. * According to Stifel, the prior rating for Tenaris SA (NYSE: TS) was changed from Buy to Hold. Tenaris earned $0.06 in the third quarter, compared to $0.18 in the year-ago quarter. The stock has a 52-week-high of 23.54 and a 52-week-low of 8.8616. At the end of the last trading period, Tenaris closed at $15.01. * BMO Capital downgraded the previous rating for Norbord Inc (NYSE: OSB) from Outperform to Market Perform. In the third quarter, Norbord showed an EPS of $2.52, compared to $0.11 from the year-ago quarter. The stock has a 52-week-high of 37.755 and a 52-week-low of 8.92. At the end of the last trading period, Norbord closed at $36.99. * According to Wedbush, the prior rating for Shake Shack Inc (NYSE: SHAK) was changed from Outperform to Neutral. For the third quarter, Shake Shack had an EPS of $0.11, compared to year-ago quarter EPS of $0.26. The stock has a 52-week-high of 86.985 and a 52-week-low of 30.01. At the end of the last trading period, Shake Shack closed at $78.38. * According to Goldman Sachs, the prior rating for Martin Marietta Materials Inc (NYSE: MLM) was changed from Buy to Neutral. For the third quarter, Martin Marietta Materials had an EPS of $3.84, compared to year-ago quarter EPS of $3.96. The stock has a 52-week-high of 281.82 and a 52-week-low of 135.08. At the end of the last trading period, Martin Marietta Materials closed at $269.71. * For Lennox International Inc (NYSE: LII), Goldman Sachs downgraded the previous rating of Neutral to the current rating Sell. In the third quarter, Lennox International showed an EPS of $3.53, compared to $3.34 from the year-ago quarter. At the moment, the stock has a 52-week-high of 319.77 and a 52-week-low of 163.395. Lennox International closed at $298.63 at the end of the last trading period. * For FireEye Inc (NASDAQ: FEYE), Barclays downgraded the previous rating of Equal-Weight to the current rating Underweight. FireEye earned $0.11 in the third quarter, compared to $0.02 in the year-ago quarter. The current stock performance of FireEye shows a 52-week-high of 18.34 and a 52-week-low of 7.54. Moreover, at the end of the last trading period, the closing price was at $14.24. * For Concho Resources Inc (NYSE: CXO), Stifel downgraded the previous rating of Buy to the current rating Hold. Concho Resources earned $1.43 in the third quarter, compared to $0.61 in the year-ago quarter. The stock has a 52-week-high of 93.34 and a 52-week-low of 33.13. At the end of the last trading period, Concho Resources closed at $57.22. * According to HSBC, the prior rating for Capri Holdings Ltd (NYSE: CPRI) was changed from Buy to Hold. For the second quarter, Capri Holdings had an EPS of $0.90, compared to year-ago quarter EPS of $1.16. The stock has a 52-week-high of 39.9 and a 52-week-low of 5.42. At the end of the last trading period, Capri Holdings closed at $33.35. * According to Goldman Sachs, the prior rating for Armstrong World Industries Inc (NYSE: AWI) was changed from Buy to Neutral. For the third quarter, Armstrong World Indus had an EPS of $1.07, compared to year-ago quarter EPS of $1.38. The stock has a 52-week-high of 111.46 and a 52-week-low of 57.96. At the end of the last trading period, Armstrong World Indus closed at $78.98. * According to Needham, the prior rating for Hologic Inc (NASDAQ: HOLX) was changed from Buy to Hold. In the fourth quarter, Hologic showed an EPS of $2.07, compared to $0.65 from the year-ago quarter. The stock has a 52-week-high of 77.488 and a 52-week-low of 26.49. At the end of the last trading period, Hologic closed at $70.01. * For Nucor Corp (NYSE: NUE), KeyBanc downgraded the previous rating of Overweight to the current rating Sector Weight. Nucor earned $0.67 in the third quarter, compared to $0.90 in the year-ago quarter. The stock has a 52-week-high of 58.7 and a 52-week-low of 27.525. At the end of the last trading period, Nucor closed at $52.83. Initiations * With a current rating of Outperform, Bernstein initiated coverage on Vertex Pharmaceuticals Inc (NASDAQ: VRTX). The price target seems to have been set at $275.00 for Vertex Pharmaceuticals. In the third quarter, Vertex Pharmaceuticals showed an EPS of $2.64, compared to $1.23 from the year-ago quarter. At the moment, the stock has a 52-week-high of 306.08 and a 52-week-low of 197.47. Vertex Pharmaceuticals closed at $211.97 at the end of the last trading period. * Piper Sandler initiated coverage on Penn National Gaming Inc (NASDAQ: PENN) with an Overweight rating. The price target for Penn National Gaming is set to $84.00. For the third quarter, Penn National Gaming had an EPS of $0.93, compared to year-ago quarter EPS of $0.38. At the moment, the stock has a 52-week-high of 76.62 and a 52-week-low of 3.75. Penn National Gaming closed at $70.50 at the end of the last trading period. * Cantor Fitzgerald initiated coverage on Ocuphire Pharma Inc (NASDAQ: OCUP) with an Overweight rating. The price target for Ocuphire Pharma is set to $15.00. The current stock performance of Ocuphire Pharma shows a 52-week-high of 6.48 and a 52-week-low of 5.07. Moreover, at the end of the last trading period, the closing price was at $5.72. * Loop Capital initiated coverage on Nikola Corp (NASDAQ: NKLA) with a Buy rating. The price target for Nikola is set to $35.00. In the third quarter, Nikola earned $0.16. The current stock performance of Nikola shows a 52-week-high of 93.99 and a 52-week-low of 16.15. Moreover, at the end of the last trading period, the closing price was at $26.23. * With a current rating of Overweight, Piper Sandler initiated coverage on DraftKings Inc (NASDAQ: DKNG). The price target seems to have been set at $58.00 for DraftKings. Interestingly, in the third quarter, DraftKings's EPS was $0.98. At the moment, the stock has a 52-week-high of 64.19 and a 52-week-low of 18.0. DraftKings closed at $49.32 at the end of the last trading period. * With a current rating of Outperform, Oppenheimer initiated coverage on Cannae Holdings Inc (NYSE: CNNE). The price target seems to have been set at $49.00 for Cannae Holdings. In the third quarter, Cannae Holdings showed an EPS of $1.44, compared to $0.64 from the year-ago quarter. At the moment, the stock has a 52-week-high of 44.87 and a 52-week-low of 20.51. Cannae Holdings closed at $39.96 at the end of the last trading period. * Bernstein initiated coverage on Alexion Pharmaceuticals Inc (NASDAQ: ALXN) with a Market Perform rating. The price target for Alexion Pharmaceuticals is set to $148.00. Alexion Pharmaceuticals earned $3.24 in the third quarter, compared to $2.79 in the year-ago quarter. The current stock performance of Alexion Pharmaceuticals shows a 52-week-high of 128.57 and a 52-week-low of 72.67. Moreover, at the end of the last trading period, the closing price was at $122.05.See more from Benzinga * Click here for options trades from Benzinga * RMR Group: Q4 Earnings Insights * 12 Energy Stocks Moving In Friday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.