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The bears are circling ConocoPhillips, even with the energy giant at multi-year lows.
optionMONSTER's Depth Charge monitoring program detected the purchase of almost 33,000 August 52.50 puts for $2.57 to $2.73. Volume was more than 10 times open interest at the strike, which suggests new money was put to work.
Long puts lock in the price where investors can sell a stock, so they make money when a stock falls. They can be used to hedge long positions or to speculate on a drop. Today's activity is probably outright bearish because the puts are in the money . (See our Education section)
COP is up 0.6 percent to $50.01 in afternoon trading. It's down 17 percent in the last month and yesterday touched its lowest price in October 2011. The stock has been sliding lower along with other oil drillers as global supply gluts hammer prices. Management has responded by cutting expenses and capital spending.
The August 52.50s are the fourth-most active option trading in the market today, trailing only contracts in market leader Apple.
Overall volume in COP is quadruple average amounts so far in the session, with total puts outnumbering calls by a bearish 7-to-1 ratio.
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 129.3 billions as of today (€ 115.9 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on September 20, 2024 at US$ 109.87. ConocoPhillips has 1 177 107 000 shares outstanding. |