Bearish flow noted in Cenovus Energy (CVE) with 5,921 puts trading, or 4x expected. Most active are Sep-25 12 puts and Jun-25 11 puts, with total volume in those strikes near 4,500 contracts. The Put/Call Ratio is 1.86, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 30th.
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