Deep-pocketed investors have adopted a bearish approach towards Cenovus Energy CVE, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CVE usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Cenovus Energy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 4 are puts, totaling $146,020, and 4 are calls, amounting to $974,850.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $16.0 to $17.0 for Cenovus Energy during the past quarter.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Cenovus Energy stands at 16563.67, with a total volume reaching 51,651.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Cenovus Energy, situated within the strike price corridor from $16.0 to $17.0, throughout the last 30 days.
Cenovus Energy Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVE | CALL | SWEEP | BULLISH | 02/16/24 | $17.00 | $548.0K | 42.8K | 10.9K |
| CVE | CALL | SWEEP | BULLISH | 02/16/24 | $17.00 | $290.4K | 42.8K | 21.9K |
| CVE | CALL | SWEEP | BULLISH | 02/16/24 | $17.00 | $103.8K | 42.8K | 11.5K |
| CVE | PUT | SWEEP | BEARISH | 02/16/24 | $16.00 | $58.4K | 1.3K | 5.2K |
| CVE | CALL | SWEEP | BEARISH | 03/15/24 | $17.00 | $32.5K | 5.5K | 118 |
About Cenovus Energy
Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 786 thousand barrels of oil equivalent per day in 2022. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada.
In light of the recent options history for Cenovus Energy, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Cenovus Energy's Current Market Status
- Currently trading with a volume of 1,541,551, the CVE's price is up by 0.49%, now at $16.39.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 37 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cenovus Energy options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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