Sempra Energy put volume heavy and directionally bearish

Bearish flow noted in Sempra Energy (SRE) with 2,582 puts trading, or 1.4x expected. Most active are Feb-25 75 puts and Feb-25 80 puts, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 3.25, while ATM IV is up over 3 points on the day. Earnings are expected on February 25th.