| Consol Energy faces bearish play | |
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A large trade is positioning for a pullback in Consol Energy as shares try to climb off 52-week lows.
optionMONSTER's Depth Charge system detected the purchase of 5,000 March 28 puts for $0.49 to $0.55 this morning, including a single print of 4,066. Open interest in the strike was just 383 contracts before the trade appeared, showing that it is a new position.
These puts lock in the price where the stock can be sold no matter how far it might drop, gaining value in a selloff. They could have been purchased either as an outright bearish bet or a hedge on a long position, but either way they will expire worthless if shares remain above $28 through mid-March. (See our Education section)
CNX is up 0.25 percent to $32.34 in early trading. The natural-gas and coal company fell to a 52-week low of $28.51 after reporting quarterly results on Friday but bounced this week with the rest of the energy sector.
Today's put buying makes up almost all of the option volume in Consol, which is already almost double its full-session average for the last month. Only 112 calls have changed hands so far.
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : CNX |
ISIN : US20854P1093 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Consol Energy is a producing company based in United states of america. Consol Energy produces coal in USA, and holds various exploration projects in USA. Its main asset in production is BUCHANAN in USA. Consol Energy is listed in Germany and in United States of America. Its market capitalisation is 1.6 billions as of today (€ 1.5 billions). Its stock quote reached its highest recent level on June 06, 2008 at 99.79, and its lowest recent point on April 26, 2019 at 10.00. Consol Energy has 47 442 200 shares outstanding. |