Cenovus Energy put volume heavy and directionally bearish

Bearish flow noted in Cenovus Energy with 11,918 puts trading, or 4x expected. Most active are Apr-23 18 puts and Jun-23 22 calls, with total volume in those strikes near 11,100 contracts. The Put/Call Ratio is 2.11, while ATM IV is up nearly 6 points on the day. Earnings are expected on April 27th.