Patterson UTI Energy Inc (PTEN) $29.31 +5.74%
Patterson Energy (PTEN), a Houston, TX oil and gas driller, sees a morning rally and is up $1.55 to $29.27. Shares are at session highs and the top optoins trade is a 1,300-contrat block of Jul 30 calls traded at 45 cents on ISE. It’s an opening buyer, according to ISEE data and a well-timed play. Volume is now 2,589 and the contract is bid at 65 cents. August 28 calls are the most actives. 4,530 traded vs. 718 in open interest. It’s not clear what is driving the order flow, but the rally in the shares and the increased call activity hints at some chatter or possibly pending news in PTEN.
Category: All Stocks, Mid Cap Stocks, Oil Equipment, Services & Distribution
Free Newsletter
If you enjoyed this article, sign up to receive more just like it.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.
