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

United States Oil Fund LP (NYSEARCA:USO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $153.82, but opened at $148.88. United States Oil Fund shares last traded at $149.37, with a volume of 934,588 shares trading hands.

United States Oil Fund Stock Down 3.5%

The firm has a market capitalization of $2.32 billion, a P/E ratio of 19.22 and a beta of -0.02. The company’s 50 day moving average is $133.19 and its 200-day moving average is $127.58.

Insider Activity

In other news, major shareholder Financial Lp Hrt bought 101,212 shares of United States Oil Fund stock in a transaction dated Monday, September 14th. The stock was bought at an average cost of $158.02 per share, for a total transaction of $15,993,520.24. Following the purchase, the insider directly owned 61,589 shares in the company, valued at approximately $9,732,293.78. This represents a -255.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have bought 148,833 shares of company stock worth $23,385,278 and have sold 95,353 shares worth $14,737,344.

Institutional Investors Weigh In On United States Oil Fund

A number of hedge funds have recently added to or reduced their stakes in the company. Hamilton Wealth LLC purchased a new stake in shares of United States Oil Fund in the first quarter worth approximately $55,001,000. Bank of America Corp DE boosted its position in shares of United States Oil Fund by 117.1% during the first quarter. Bank of America Corp DE now owns 143,881 shares of the company’s stock valued at $18,309,000 after buying an additional 77,617 shares during the last quarter. Caption Management LLC purchased a new position in shares of United States Oil Fund during the fourth quarter valued at approximately $5,201,000. Harvest Fund Management Co. Ltd grew its holdings in United States Oil Fund by 33.9% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 239,149 shares of the company’s stock worth $17,030,000 after buying an additional 60,569 shares in the last quarter. Finally, Parker Investment Management LLC bought a new stake in United States Oil Fund during the first quarter worth $6,364,000. Institutional investors and hedge funds own 67.47% of the company’s stock.

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.