United States Oil Fund (NYSEARCA:USO) Shares Gap Down – Should You Sell?

United States Oil Fund LP (NYSEARCA:USO) gapped down before the market opened on Monday . The stock had previously closed at $136.69, but opened at $128.66. United States Oil Fund shares last traded at $128.08, with a volume of 2,462,344 shares changing hands.

United States Oil Fund Stock Performance

The company’s 50 day moving average price is $123.91 and its 200 day moving average price is $111.00. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 19.22 and a beta of -0.01.

Hedge Funds Weigh In On United States Oil Fund

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC acquired a new position in United States Oil Fund in the first quarter valued at about $57,000. Raymond James Financial Inc. acquired a new stake in shares of United States Oil Fund during the second quarter worth approximately $38,000. PNC Financial Services Group Inc. acquired a new stake in shares of United States Oil Fund during the fourth quarter worth approximately $48,000. Advisory Services Network LLC bought a new position in shares of United States Oil Fund in the third quarter valued at approximately $57,000. Finally, Fifth Third Bancorp raised its stake in shares of United States Oil Fund by 11.6% in the first quarter. Fifth Third Bancorp now owns 1,116 shares of the company’s stock valued at $142,000 after acquiring an additional 116 shares during the last quarter. 67.47% of the stock is owned by institutional investors.

About United States Oil Fund

United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.