United States Oil Fund (NYSEARCA:USO) Shares Gap Up – Time to Buy?

United States Oil Fund LP (NYSEARCA:USO) shares gapped up prior to trading on Friday . The stock had previously closed at $77.30, but opened at $81.54. United States Oil Fund shares last traded at $80.99, with a volume of 1,723,047 shares changing hands.

United States Oil Fund Stock Performance

The firm’s 50-day moving average price is $73.29 and its two-hundred day moving average price is $74.45. The firm has a market cap of $1.39 billion, a PE ratio of 22.97 and a beta of 0.10.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of United States Oil Fund by 279,273.3% during 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 during the last quarter. FFG Partners LLC lifted its holdings in United States Oil Fund by 2.2% in the 3rd quarter. FFG Partners LLC now owns 76,277 shares of the company’s stock valued at $5,333,000 after purchasing an additional 1,640 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of United States Oil Fund during the 3rd quarter worth about $31,000. Savoie Capital LLC purchased a new stake in shares of United States Oil Fund during the third quarter worth about $3,699,000. Finally, Kovitz Investment Group Partners LLC purchased a new position in shares of United States Oil Fund during the third quarter valued at approximately $2,829,000.

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.