Selling our PXD call contracts.
Pioneer Natural Resources (PXD) rebounded above it’s July lows. This helped our call contracts gain value — and they’re now sitting on a gain of more than 40%.
Since these calls are set to expire next week, I’m happy to sell the contracts and lock in our profits.
Long-term, I still expect us to lock in some big profits from energy names.
But short-term there are a lot of cross-currents for energy plays. I’d prefer to have a bit more visibility before rolling back into some of these opportunities.
Today, we’ll sell our PXD call contracts, leaving us plenty of cash to use for new opportunities.