United States Oil Fund (NYSEARCA:USO) Shares Gap Down – Here’s What Happened

Shares of United States Oil Fund LP (NYSEARCA:USO) gapped down before the market opened on Monday. The stock had previously closed at $168.83, but opened at $159.52. United States Oil Fund shares last traded at $158.64, with a volume of 2,533,132 shares changing hands.

Key Stories Impacting United States Oil Fund

Here are the key news stories impacting United States Oil Fund this week:

• Positive Sentiment: OPEC+ kept December production steady and maintained its 2 million-barrel-per-day cuts, while disruptions have contributed to a substantial drawdown in global inventories. Tighter supply can support crude prices and USO. OPEC+ Holds Output Steady, Maintains 2M BPD Cuts: ETFs in Focus Nearly 1 Billion Oil Barrels Drained From Global Inventories Since Hormuz Disruption
• Neutral Sentiment: WTI’s sharp pullback from resistance has put a key support area in focus. Buyers are attempting to defend it, but the technical outlook remains uncertain. WTI Price Forecast: Buyers Defend Key Support After Sharp Selloff
• Negative Sentiment: Oil prices retreated as markets weighed Middle East developments and prospects for renewed U.S.-Iran peace talks. Oil bull Jeff Currie also said he was taking profits on near-term positions, signaling caution about further immediate gains. Lower crude prices can pressure USO. A Top Oil Bull Says Take Profits as Crude Prices Slide Oil Price Today: WTI Crude Falls Below $100 as Iran Peace Talk Hopes Build

United States Oil Fund Trading Up 0.8%

The firm has a market capitalization of $1.81 billion, a P/E ratio of 19.22 and a beta of -0.05. The business’s fifty day moving average is $151.05 and its 200 day moving average is $124.10.

Insider Activity

In related news, major shareholder Financial Lp Hrt purchased 101,212 shares of the company’s stock in a transaction on Monday, September 14th. The shares were bought at an average price of $158.02 per share, with a total value of $15,993,520.24. Following the completion of the acquisition, the insider owned 61,589 shares of the company’s stock, valued at approximately $9,732,293.78. This represents a -255.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last quarter, insiders acquired 148,833 shares of company stock valued at $23,385,278 and sold 95,353 shares valued at $14,737,344.

Hedge Funds Weigh In On United States Oil Fund

A number of hedge funds have recently modified their holdings of the stock. Hamilton Wealth LLC purchased a new position in shares of United States Oil Fund in the first quarter worth approximately $55,001,000. Bank of America Corp DE lifted its position in shares of United States Oil Fund by 117.1% in the 1st quarter. Bank of America Corp DE now owns 143,881 shares of the company’s stock valued at $18,309,000 after acquiring an additional 77,617 shares in the last quarter. Parker Investment Management LLC purchased a new stake in shares of United States Oil Fund in the 1st quarter valued at approximately $6,364,000. Arkadios Wealth Advisors purchased a new stake in shares of United States Oil Fund in the 1st quarter valued at approximately $5,326,000. Finally, Franchise GP Ltd acquired a new position in United States Oil Fund in the 3rd quarter worth approximately $5,953,000. 67.47% of the stock is currently owned by institutional investors and hedge funds.

United States Oil Fund Company Profile

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.