Paper bought 25,000 BP April 29 30 puts & then bought 1,000,000 shares of BP. BP reports 4/26.
BP plc ADR (British Petroleum ADR), trading 30.46 with an IV30 of 33.25 and an HV10 of 28.75, saw a large block of puts and stock trade go up.? The stock, with ADV of 14,000 and OI of 430,000, saw a customer buy 25,000 of the April 29 30 puts for .60 and then bought 1,000,000 shares of BP for 30.50.? The company reports 4/26.
This is likely a customer that is looking to go long BP into earnings, but wants to have a hedge on against the underlying dropping.? The puts and stock makes some sense as shortly after earnings, the company will also have a dividend.? By owning all of the stock the customer will be able to collect the dividend and be protected around earnings.
The trade is bullish the stock and bullish vol in BP.