Cameron International has been under pressure since March, but last week it started to push higher as option traders turned bullish on the oil and gasname.

First, a Barclays survey found that worldwide energy exploration and production activity is still going strong and could reach $529 billion, 8 percent higher than the brokerage forecast in December. Then on Tuesday, Gabelli & Company upgraded Cameron to "buy" from "hold," expecting it to benefit from a new build cycle for shallow- and deep-water rigs, as well as blow-out preventers.