Marathon Petroleum MPC – NYSE has managed to tread water and trend sideways despite oil prices hitting a rough patch of late. Is MPC setting up to shoot higher? Whoever bought 10,000 MPC October 55 calls for $2.30 apiece early today probably thinks so.
Costing $2.3 million, MPC needs to increase 9.1% to the break-even price of $57.30 for this trade to pay off by expiration. If shares don’t crack the strike price of $55 (+4.8%), all will be lost. And while heavy technical resistance is likely at $59.75, for every dollar MPC rises above $57.30 this customer will take in $1 million.
CEO Buys $1 Million of Own Stock: “I believe in putting my money where my mouth is,” he said after making such a public splash. And to back it up, he just delivered the best Q1 in company history. Click here to get the stock.