United States Oil Fund (NYSEARCA:USO) Shares Gap Down – Should You Sell?

Shares of United States Oil Fund LP (NYSEARCA:USO) gapped down before the market opened on Monday . The stock had previously closed at $136.69, but opened at $128.66. United States Oil Fund shares last traded at $128.08, with a volume of 2,462,344 shares trading hands.

United States Oil Fund Stock Performance

The company has a 50-day simple moving average of $123.91 and a 200-day simple moving average of $111.00. The stock has a market cap of $2.37 billion, a P/E ratio of 19.22 and a beta of -0.01.

Institutional Trading of United States Oil Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hamilton Wealth LLC bought a new position in shares of United States Oil Fund in the first quarter valued at about $55,001,000. Harvest Fund Management Co. Ltd grew its holdings in United States Oil Fund by 33.9% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 239,149 shares of the company’s stock worth $17,030,000 after acquiring an additional 60,569 shares during the last quarter. Bank of America Corp DE grew its holdings in United States Oil Fund by 117.1% during the 1st quarter. Bank of America Corp DE now owns 143,881 shares of the company’s stock worth $18,309,000 after acquiring an additional 77,617 shares during the last quarter. Caption Management LLC acquired a new stake in United States Oil Fund in the 4th quarter valued at about $5,201,000. Finally, JPMorgan Chase & Co. increased its position in United States Oil Fund by 65.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 66,225 shares of the company’s stock valued at $4,842,000 after acquiring an additional 26,102 shares in the last quarter. 67.47% of the stock is currently owned by institutional investors and hedge funds.

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.