Shares of Noble Energy (NBL) are trading up .20 to 117. The stock is trading just off of a 52 week high.
Today paper traded the NBL Jun 120 calls for 2.05 and the NBL Jun 105/115 put spread for 2.52 2296x. Average volume is 1817.? Open interest is less that 1000 contracts.
The trade looks like a modified collar where the customer sells calls and buys a put spread.? This trade would be for a .47 debit.? That would mean they are expecting a small drop in the stock.? The change in volatility is up 1.6 points for Jun.? There are heavy buyers of the Jun 115 puts with total volume 6598.? All signs point to bearish or at least hedging paper.
30-day implied volatility is 25%.?? 10-day implied volatility is 23%.? 30 day implied volatility is trading above the 10 Day Historical volatility.
Noble Energy, Inc. (Noble Energy) is an independent energy company engaged in worldwide oil and gas exploration and production. Noble Energy has operations in five core areas: the DJ Basin (onshore United States), the Marcellus Shale (onshore United States), the deep water Gulf of Mexico (offshore United States), offshore West Africa and offshore Eastern Mediterranean.
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