Shares of Range Resources Corp. (RRC) are down .14 to 91.58 today. ?? RRC is near the top of the 52 week range.
Today paper traded 2790 May 85/90 put spreads and May 95 calls for even. The ADV is 2607 contracts.? The OI is less than 500 contracts on the puts and 3311 on the calls.
The volume went in three blocks.? Paper looked to sell the call spread and buy the put.? The trade is most likely a defensive position going into earnings.? The only hook might be a partial close on the 95 calls so check the OI there.? The trade is looking for a moderate decrease in RRC for just a margin outlay.
30-day implied volatility is 30%.?? 10-day implied volatility is 20%.? 30 day implied volatility is trading above the 10 Day Historical volatility.
Range Resources Corporation (Range) is an independent natural gas, natural gas liquids and oil company, engaged in the exploration, development and acquisition of natural gas and oil properties, mostly in the Appalachian and Southwestern regions of the United States.