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

United States Oil Fund LP (NYSEARCA:USO) gapped down before the market opened 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 trading hands.

United States Oil Fund Trading Down 1.8 %

The stock has a market cap of $1.40 billion, a P/E ratio of 22.97 and a beta of 0.10. The company’s 50 day moving average price is $74.54 and its two-hundred day moving average price is $74.47.

Institutional Investors Weigh In On United States Oil Fund

Several hedge funds and other institutional investors have recently modified their holdings of USO. International Assets Investment Management LLC raised its stake in United States Oil Fund by 2,024.3% during the 3rd quarter. International Assets Investment Management LLC now owns 147,531 shares of the company’s stock worth $10,315,000 after acquiring an additional 140,586 shares during the period. FFG Partners LLC raised its position in shares of United States Oil Fund by 2.2% during 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 during the period. Clearline Capital LP purchased a new position in shares of United States Oil Fund during the 3rd quarter valued at $5,323,000. Savoie Capital LLC bought a new position in United States Oil Fund in the 3rd quarter worth $3,699,000. Finally, Harvest Fund Management Co. Ltd increased its stake in United States Oil Fund by 15.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 44,452 shares of the company’s stock worth $3,108,000 after buying an additional 5,825 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.