| Put buyers hitting Encana in volume | |
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Many energy names are rebounding today, but traders are positioning for more downside potential in Encana.
optionMONSTER's Depth Charge monitoring system detected the purchase of more than 9,000 February 4 puts for $0.30 to $0.35 today. This is fresh buying, as there was no open interest in strike before the trades appeared.
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)
ECA is down 4.67 percent to $4.69 in afternoon trading and is down 39 percent in the last month. The natural-gas and oil producer is expected to announce quarterly results on Feb. 25.
Overall option volume is 11 times its daily average, with puts outnumbering calls by a bearish 13-to-1 ratio.
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : ECA.TO |
ISIN : CA2925051047 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Encana is a oil and natural gas producing company based in Canada. Encana holds various exploration projects in Canada. Its main exploration property is BUFFALO HILLS in Canada. Encana is listed in Canada and in Germany. Its market capitalisation is 235.3 millions as of today (US$ 179.1 millions, € 162.4 millions). Its stock quote reached its highest recent level on November 23, 2018 at 9.99, and its lowest recent point on January 24, 2020 at 4.96. Encana has 47 442 200 shares outstanding. |