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

United States Oil Fund LP (NYSEARCA:USO) shares gapped down prior to trading on Tuesday . The stock had previously closed at $82.52, but opened at $80.62. United States Oil Fund shares last traded at $81.05, with a volume of 1,218,702 shares traded.

United States Oil Fund Stock Down 1.5 %

The company has a market cap of $1.37 billion, a P/E ratio of 22.97 and a beta of 0.10. The firm’s 50-day moving average price is $75.10 and its 200-day moving average price is $74.55.

Hedge Funds Weigh In On United States Oil Fund

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in United States Oil Fund by 279,273.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 41,906 shares of the company’s stock worth $2,930,000 after purchasing an additional 41,891 shares in the last quarter. CWM LLC increased its holdings in shares of United States Oil Fund by 134.2% in the third quarter. CWM LLC now owns 2,558 shares of the company’s stock worth $179,000 after purchasing an additional 1,466 shares during the period. Daiwa Securities Group Inc. raised its position in shares of United States Oil Fund by 4.9% in the third quarter. Daiwa Securities Group Inc. now owns 29,900 shares of the company’s stock worth $2,091,000 after buying an additional 1,400 shares in the last quarter. TOMS Capital Investment Management LP bought a new stake in United States Oil Fund during the third quarter valued at $2,328,000. Finally, Bank of Montreal Can grew its position in United States Oil Fund by 258.1% during the third quarter. Bank of Montreal Can now owns 31,153 shares of the company’s stock worth $2,189,000 after buying an additional 22,454 shares in the last quarter.

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.