Bullish activity in Weatherford has been on and off our tracking screens for months—and suddenly it's back.
The oilfield-service stock climbed 2.51 percent to $20.40 in the session, rising throughout the afternoon following an early drop. The activity in the February and May calls drew attention in the final hour of trading and drove total volume in the name to more than twice the average level.
The May 30s were the most active strike and traded more than 5,000 contracts, mostly for $0.24. There was also buying in the February 20-February 22 call spread, though it was against large open interest. Calls outnumbered puts by more than 4 to 1.
The last time we wrote about Weatherford was before earnings in July, and the shares went on to rally after a strong report. The stock is up about 35 percent since then and holding its own above $20. With yesterday's call buying, it definitely looks as if some bulls are positioning for more upside, but with time to spare.
Pete Najarian does not hold significant numbers of shares in Weatherford.
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