On Thursday, the energy sector emerged as one of the weakest performers on the S&P 500, with shares of Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) closing lower.
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Petrobras traded at 7x average daily put volume on Thursday.
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There was a buyer of 80,000 of the July 14/13-put spreads at an average price of 22 cents per contract, Khouw mentioned.
Traders expect Petrobras shares to fall as far as 11% by July expiration.
Goldman Sachs analyst Bruno Amorim recently upgraded Petrobras Brasileiro from Neutral to Buy and raised the price target from $13 to $18.10.
Price Action: Petrobras shares fell 1.7% to close at $14.68 on Thursday and fell 1.9% in Friday’s premarket trading session.
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