Williams put volume heavy and directionally bearish

Bearish flow noted in Williams (WMB) with 5,174 puts trading, or 3x expected. Most active are Apr-25 50 puts and 3/14 weekly 53 puts, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 2.13, while ATM IV is up nearly 4 points on the day. Earnings are expected on May 5th.