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Canadian Natural Resources is drawing bearish option activity.
optionMONSTER's Depth Charge monitoring system detected the purchase of about 6,100 January 18 puts for $0.45 to $0.53 today. Volume surpassed open interest of 2,213 contracts, an indication that new money was put to work.
Long puts lock in the price where a stock can be sold, so they make money to the downside. Investors use them to hedge long positions or to speculate on a drop.(See our Coaching section)
CNQ is down 4.89 percent to $18.36 in morning trading. The oil and natural-gas producer has has fallen 22 percent in the last three months.
Overall option volume in the name is already twice its daily average so far today, according to the Depth Charge. Puts outnumbered calls by a bearish 30-to-1 ratio.
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Canadian Natural Resources Ltd
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PRODUCER |
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CODE : CNQ.TO |
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ProfileMarket
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Asset profileContact Cpy |
Canadian Natural is a producing company based in Canada. Canadian Natural produces oil in Canada, and holds various exploration projects in Canada. Its main asset in production is HORIZON PROJECT in Canada. Canadian Natural is listed in Canada and in United States of America. Its market capitalisation is CA$ 118.3 billions as of today (US$ 94.6 billions, € 82.8 billions). Its stock quote reached its lowest recent point on March 20, 2020 at CA$ 10.50, and its highest recent level on April 17, 2024 at CA$ 106.30. Canadian Natural has 1 112 579 968 shares outstanding. |