Schaeffer's Options News: Call Trading Builds on Chevron Corporation Ahead of Earnings

Another earnings season is just around the corner and Chevron Corporation (NYSE: CVX) is set to kick things off next week when it steps into the earnings spotlight on Thursday, July 9. Analysts are expecting a profit of $1.18 per share, which is down 59% from the company's earnings of $2.90 per share for the same period a year ago. Historically, the company's results have been mixed, as it has surpassed the consensus estimate twice and missed twice during the past four quarters.

Heading into the earnings report, options players have stocked up on the equity's calls in anticipation of a sharp rally in the shares. The Schaeffer's put/call open interest ratio for CVX stands at 0.51, as call open interest nearly doubles put open interest among near-term options. What's more, this reading is lower than all but 1% of those taken during the past year. In other words, options speculators have been more optimistic toward the shares only 1% of the time during the past 12 months.

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