Cenovus Energy put volume heavy and directionally bearish

Bearish flow noted in Cenovus Energy with 3,242 puts trading, or 3x expected. Most active are Jun-24 16 puts and Dec-23 19 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 6.39, while ATM IV is up over 1 point on the day. Earnings are expected on February 15th.

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