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Someone's calling a bottom in Canadian Natural Resources.
optionMONSTER's tracking programs detected the sale of 8,000 January 19 puts for $1.75. There were only 2 contracts of open interest at the strike when the trade appeared, showing that a new position was initiated.
Short puts generate income and create an obligation to buy shares if they fall to a certain level, in this case $19. Given the premium received their effective entry price would be $17.25. If it holds above $19, the $1.75 will be kept as profit and the contracts will expire worthless. (See our Education section)
CNQ fell 1.33 percent to $19.34 yesterday and has lost 38 percent of its value since late May. The Calgary-based oil and gas company has been falling along with other energy names amid a global supply glut. It's now back to levels last seen in early 2009, and yesterday's put selling reflects a belief that further downside will be limited.
Total option volume was 11 times greater than average in the session.
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Canadian Natural Resources Ltd
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PRODUCER |
CODE : CNQ.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Canadian Natural is a producing company based in Canada. Canadian Natural produces oil in Canada, and holds various exploration projects in Canada. Its main asset in production is HORIZON PROJECT in Canada. Canadian Natural is listed in Canada and in United States of America. Its market capitalisation is CA$ 117.8 billions as of today (US$ 85.5 billions, € 80.3 billions). Its stock quote reached its lowest recent point on March 20, 2020 at CA$ 10.50, and its highest recent level on April 18, 2024 at CA$ 105.84. Canadian Natural has 1 112 579 968 shares outstanding. |