Energy

Options trader bets nearly $500,000 on big turnaround for energy name

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It’s no secret how hard integrated oil names have been hit this year due to the global economic consequences of the coronavirus pandemic, and Occidental Petroleum has been among the worst hit of all the companies in the space. 

The stock has lost more than 60% of its value since the beginning of the year, leading Warren Buffett‘s Berkshire Hathaway to liquidate its stake in the oil giant. 

However, Buffett’s loss may be another trader’s gain, if their bet on a huge turnaround in the stock’s fortunes pays off.

“About 8,000 by 12,000 of the [November] 16 and 20-strike calls traded respectively for [a net price of] about 60 cents per contract,” Michael Khouw, chief investment officer at…



Source cnbc.com

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