A short-term bearish play is targeting Gulfport Energy even as its shares trade near highs.
More than 2,300 October 65 puts were bought today, with a big block picked up for $1.30, according to optionMONSTER's Depth Charge tracking system. This is clearly a new position, as the volume was well above the strike's previous open interest of just 589 contracts.
The puts, which expire at the end of next week, do not appear to be tied to any action in the underlying shares. Given the short duration of these contracts, this appears to be an outright bearish bet as opposed to a hedge on a long position. (See our Education section)
GPOR is up 1.69 percent to $65.75 today. The oil and natural-gas company posted a closing high of $67.41 on Friday but was below $65 yesterday and this morning.
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