Canadian Natural Resources gets vote of confidence
Someone has confidence in Canadian Natural Resources.
optionMONSTER's monitoring systems detected the sale of 5,000 June 22 puts for $1.05 to $639.00. Volume was more than 7 times open interest at the strike, which indicates new money was put to work.
Short puts lock in a price where investors must buy a stock, while letting them collect premium. Traders use the technique when they like a stock and think the risk of a big drop is limited. (See our Education section.)
CNQ rose 5.43 percent to $25.83 on Friday and is up 24 percent in the last week. The next quarterly report is estimated for pre-market hours on Dec. 31.
Overall option volume was about average in CNQ.
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