BOKF Options Turn Bullish as Q2 Report Looms

BOK Financial heads into its Q2 earnings release on July 23 with options positioning at its most call-heavy in months — a notable shift from the cautious tone that dominated earlier in the year.

The options signal is the sharpest change since the last preview. The put/call ratio has dropped to 0.51, more than two standard deviations below its 20-day average of 0.65 — the lowest reading since June and close to the 52-week low of 0.17. That means call demand is running well ahead of put demand, reflecting a market leaning toward upside rather than protection. It is a meaningful divergence from the prior article's read, where the PCR sat near its average; the move since then has been directional and deliberate.

The broader positioning picture remains loose rather than charged. Short interest edged up slightly on the day but has fallen 13% over the past month to just 3.0% of the free float — a low level for any regional bank. Availability is wide open at 663%, well above the 52-week low of 204%, meaning there is no meaningful squeeze pressure and little evidence of conviction bearish positioning. Borrowing costs have drifted lower too, down 34% from a month ago to under 0.40%. The stock itself is up 7.4% over the past month to $139.98, outpacing most of its peers on the week: UBSI gained 2.2%, SBCF added 1.6%, while SFNC slipped 1.6%.

The analyst debate is cautious but not negative. Raymond James downgraded to Market Perform in early July, and Wells Fargo lifted its target to $138 while holding at Equal-Weight — both signals of a Street that sees limited near-term upside despite the recent run. The consensus target of $148.50 sits about 6% above the current price, a modest premium. Bulls point to broad product diversification, fee income strength, and management's track record. Bears flag interest-rate sensitivity, a below-peer loan-to-deposit ratio, and energy sector credit exposure as constraints on margin expansion. The stock's P/E of 13.6x and P/B of 1.3x leave the valuation credible but not demanding.

The Q2 print will test whether the fee income and net interest margin trends can justify both the month's rally and the options market's newfound bullish tilt.