Options Hate This Oil & Gas Driller
"Fast Money" Contributor
With less than three days to go before expiration, the puts are exploding in February options for Nabors Industries.
More than 5,000 of the NBR February 10 puts changed hands in three quick trades Wednesday, as buyers paid $0.40 on three exchanges, according to OptionMonster's real-time tracking systems.
As the stock fell below its 52-week low this morning it pushed the price of puts to $0.60 to $0.70, as concerns appear to be high for this oil and gas driller.
- More Options Tips from Pete Najarian
- Read The CNBC Stock Blog
Oil-related stocks in general have suffered, as the price of crude reaches its lowest level in five years and demand weakens. NBR has climbed above its lows of the day but is still down 2.86 percent to $9.86 and more than 80 percent below its 52-week high.
Rival Oil & Gas Drillers:
Precision Drilling Trust
Helmerich & Payne