Shares of Hess (HES) are trading lower on the session by 1.15%, at $51.60. The stock had been consolidating above the 50-day and 200-day moving averages for the past two months, but notably broke support yesterday.
With a major support level now broken, further downside looks like it is on the table; one trader is buying a large block of puts. A short while ago the December $50.00 put was purchased 13,841 times, on the offer, for $1.87; volume on the strike has since risen to over 16,700 contracts.
With open interest of only 1,051 contracts, this is clearly new positioning on the name.
30-day implied volatility is up 1.7% today to 35.14%, while 10-day implied vol is registering 35.81%.
Hess Corporation is a global integrated energy company that operates in two segments: Exploration and Production and Marketing and Refining.