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Put Volume Shoots Higher on Suncor Energy

Bearish bettors wager on a deeper decline for SU

by 10/17/2011 2:00:40 PM
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Puts piled up on Suncor Energy, Inc. (SU - 29.32) Friday, with approximately 17,000 contracts crossing the tape -- triple the stock's average daily put volume. By comparison, roughly 13,000 calls were swapped throughout the session.

This inclination toward puts is backed by data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Traders on these exchanges bought to open 4,439 puts on SU Friday, versus 936 calls, which gave the shares a single-day put/call volume ratio of 4.74.

What's more, the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 0.55 ranks in the 87th percentile of its annual range, indicating that speculators on these exchanges have purchased bearish bets over bullish at a faster pace than usual over the past couple of weeks.

Furthermore, SU's Schaeffer's put/call open interest ratio (SOIR) sits at 0.75, in the 92nd percentile of its annual range. In other words, short-term options traders have been more bearishly aligned only 8% of the time during the past year.

Short interest on the security fell 20.2% during the past reporting period. These pessimistic positions account for just 0.44% of the security's float. At SU's average pace of trading, it would take less than one session to buy back these shorted shares.

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