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Whiting Petroleum is exploding higher today, and some traders have massive gains.
Just yesterday , optionMONSTER's Heat Seeker monitoring program detected buying in the short-term Weekly 15 calls for $0.50. Those same contracts more than tripled in value to $2.20 earlier this morning.
There's even more activity in the Denver-based oil and gas driller today, with 11,000 September 17 calls purchased for $1.25 to $1.50 against open interest of 897 contracts. Those are looking for further upside over the next three weeks.
Long calls lock in the price investors can buy shares, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also result in significant leverage on a percentage basis, as we saw today. (See our Education section)
WLL rose 15.78 percent to $17.02 in afternoon trading and is rebounding from its lowest levels since the first half of 2009. The company has been battered by a selloff in the broader energy sector, falling to just half its stated book value.
The SPDR Oil & Gas Exploration & Production Fund, which holds companies across the industry, remained active as well. This time 20,000 Weekly 33.50 calls bought for about $0.65 on Wednesday were sold for $1.50.
The investor rolled up to the 35s, which they bought for $0.61. He or she recovered more than their initial investment and will profit from the fund continuing to climb. XOP rose 6.92 percent to $36.16.
The Direxion Daily Energy Bull 3X Fund, a leveraged portfolio that tracks the sector, also had 2,000 Weekly 31 calls expiring on Sept. 11 bought for $1.65. ERX surged 14.18 percent to $29.56.
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Whiting Petroleum Corporation
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CODE : WLL |
ISIN : US9663871021 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Whiting Petroleum is a oil producing company based in United states of america. Whiting Petroleum is listed in Germany and in United States of America. Its market capitalisation is US$ 6.2 billions as of today (€ 5.4 billions). Its stock quote reached its highest recent level on August 22, 2008 at US$ 99.26, and its lowest recent point on April 03, 2020 at US$ 0.25. Whiting Petroleum has 90 927 193 shares outstanding. |