Bullish Traders Flood Chevron with Call Options Amid Strong Earnings

Chevron Corporation (NYSE:CVX) has seen unusual options trading activity. On Tuesday, investors purchased 62,675 call options on the stock, which is a 45% increase from the average daily volume of 43,261 call options.

This surge in call option purchases indicates increased bullish interest in CVX, suggesting that traders are expecting the company's stock price to rise. Chevron has been performing well, with its recent quarterly earnings exceeding expectations and its exploration news being positive for the company.

However, not all is rosy for CVX. The CEO, Michael K. Wirth, recently sold 317,100 shares of the company's stock, reducing his ownership by 92.34%. This sale may weigh on sentiment, although insider sales can be scheduled or personal.