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 Monday . The stock had previously closed at $74.23, but opened at $69.77. United States Oil Fund shares last traded at $70.46, with a volume of 2,747,225 shares traded.

United States Oil Fund Price Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 22.97 and a beta of 0.10. The stock has a 50-day moving average price of $72.96 and a 200-day moving average price of $75.83.

Institutional Investors Weigh In On United States Oil Fund

Several hedge funds have recently bought and sold shares of USO. Flow Traders U.S. LLC lifted its holdings in shares of United States Oil Fund by 12.6% during the first quarter. Flow Traders U.S. LLC now owns 452,504 shares of the company’s stock worth $35,626,000 after buying an additional 50,461 shares in the last quarter. Victory Capital Management Inc. bought a new stake in United States Oil Fund in the 2nd quarter valued at about $28,422,000. International Assets Investment Management LLC grew its position in shares of 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 purchasing an additional 140,586 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of United States Oil Fund by 3.2% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 49,280 shares of the company’s stock worth $3,922,000 after purchasing an additional 1,532 shares during the period. Finally, Arkadios Wealth Advisors raised its position in shares of United States Oil Fund by 2.3% in the second quarter. Arkadios Wealth Advisors now owns 42,033 shares of the company’s stock valued at $3,345,000 after buying an additional 961 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.