Coterra Energy put volume heavy and directionally bearish

Bearish flow noted in Coterra Energy with 4,228 puts trading, or 4x expected. Most active are Jun-25 25 puts and Aug-24 27 calls, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 4.16, while ATM IV is up nearly 4 points on the day. Earnings are expected on August 1st.

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