United States Natural Gas Fund (NYSEARCA:UNG) Shares Down 3.1% – Here’s What Happened

United States Natural Gas Fund LP (NYSEARCA:UNG)’s share price dropped 3.1% on Wednesday . The stock traded as low as $12.33 and last traded at $12.5050. Approximately 8,224,408 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 9,555,815 shares. The stock had previously closed at $12.90.

United States Natural Gas Fund Stock Down 4.0%

The stock has a fifty day simple moving average of $13.68 and a 200 day simple moving average of $13.81. The firm has a market capitalization of $595.34 million, a P/E ratio of -15.04 and a beta of -0.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNG. Comerica Bank boosted its holdings in shares of United States Natural Gas Fund by 1,412.9% in the 1st quarter. Comerica Bank now owns 2,693 shares of the exchange traded fund’s stock valued at $58,000 after buying an additional 2,515 shares in the last quarter. BNP Paribas Financial Markets lifted its position in United States Natural Gas Fund by 5,325.8% during the first quarter. BNP Paribas Financial Markets now owns 1,636,789 shares of the exchange traded fund’s stock valued at $35,371,000 after acquiring an additional 1,606,622 shares during the last quarter. Royal Bank of Canada boosted its stake in United States Natural Gas Fund by 490.7% in the first quarter. Royal Bank of Canada now owns 14,880 shares of the exchange traded fund’s stock valued at $322,000 after acquiring an additional 12,361 shares in the last quarter. Bard Financial Services Inc. grew its holdings in United States Natural Gas Fund by 12.5% in the second quarter. Bard Financial Services Inc. now owns 31,500 shares of the exchange traded fund’s stock worth $481,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in United States Natural Gas Fund by 56.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 111,773 shares of the exchange traded fund’s stock valued at $1,705,000 after buying an additional 40,153 shares in the last quarter.

About United States Natural Gas Fund

United States Natural Gas Fund, LP is a limited partnership. The Company is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of the Company is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the price of the futures contracts on natural gas traded on the New York Mercantile Exchange (the NYMEX) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire (the Benchmark Futures Contract), less its expenses.