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

United States Oil Fund LP (NYSEARCA:USO) shares gapped down prior to trading on Wednesday . The stock had previously closed at $73.31, but opened at $71.40. United States Oil Fund shares last traded at $71.00, with a volume of 528,295 shares changing hands.

United States Oil Fund Stock Performance

The company has a market cap of $1.21 billion, a price-to-earnings ratio of 22.43 and a beta of 0.62. The company has a 50-day simple moving average of $77.41 and a 200-day simple moving average of $74.36.

Institutional Investors Weigh In On United States Oil Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in shares of United States Oil Fund by 35.4% during the 4th quarter. IFP Advisors Inc now owns 765 shares of the company’s stock worth $58,000 after buying an additional 200 shares during the last quarter. National Bank of Canada FI increased its stake in shares of United States Oil Fund by 35.1% during the 4th quarter. National Bank of Canada FI now owns 770 shares of the company’s stock worth $58,000 after purchasing an additional 200 shares in the last quarter. Mariner LLC raised its position in shares of United States Oil Fund by 2.9% during the 4th quarter. Mariner LLC now owns 9,085 shares of the company’s stock worth $686,000 after purchasing an additional 252 shares during the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in United States Oil Fund in the 4th quarter valued at approximately $25,000. Finally, Cavalier Investments LLC grew its holdings in United States Oil Fund by 3.5% during the 4th quarter. Cavalier Investments LLC now owns 12,022 shares of the company’s stock valued at $908,000 after buying an additional 405 shares during 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.