Someone with a lot of money to spend has taken a bearish stance on Cenovus Energy (NYSE:CVE).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don’t know. But when something this big happens with CVE, it often means somebody knows something is about to happen.
Today, Benzinga’s options scanner spotted 12 options trades for Cenovus Energy.
This isn’t normal.
The overall sentiment of these big-money traders is split between 8% bullish and 91%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $28,000, and 11, calls, for a total amount of $4,567,515.
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 $10.0 to $19.0 for Cenovus Energy during the past quarter.
Insights into Volume & Open Interest
In today’s trading context, the average open interest for options of Cenovus Energy stands at 5075.25, with a total volume reaching 15,905.00. 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 $10.0 to $19.0, throughout the last 30 days.
Cenovus Energy Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CVE | CALL | TRADE | NEUTRAL | 01/19/24 | $10.00 | $760.0K | 8.2K | 0 |
| CVE | CALL | TRADE | BEARISH | 01/19/24 | $10.00 | $725.5K | 8.2K | 1.0K |
| CVE | CALL | TRADE | NEUTRAL | 01/19/24 | $12.00 | $571.2K | 8.6K | 0 |
| CVE | CALL | SWEEP | BEARISH | 01/19/24 | $12.00 | $560.1K | 8.6K | 3.0K |
| CVE | CALL | TRADE | BEARISH | 01/19/24 | $12.00 | $560.0K | 8.6K | 2.0K |
Where Is Cenovus Energy Standing Right Now?
- With a trading volume of 3,506,518, the price of CVE has down by -1.01%, reaching $17.72. Current RSI values indicate that the stock is may be oversold. Next earnings report is scheduled for 99 days from now.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Cenovus Energy, Benzinga Pro gives you real-time options trades alerts.
