ConocoPhillips has not broken the $50 mark since the beginning of the year, but one large option trader is betting that the oil and natural gas company will break that level by mid-January.
COP is off 0.86 percent to $46.24 in midday trading. The stock hit a 52-week low of $34.12 in March before running up 43 percent in early June but has largely traded sideways since then.
The options activity was concentrated at the January 48 contracts, which consisted of a single block of 3,300 calls bought at the $2.29 asking price less than half an hour into the session. The trading was above open interest and dwarfed the average daily volume of just 183 calls at that strike, according to OptionMonster's real-time tracking systems.
The calls would turn a profit only if COP rises roughly 9 percent from today's levels to more than $50.29 by the time the options expire on Jan. 15. The company has not yet scheduled its next quarterly earnings report.
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Mike Yamamoto is an analyst and writer for OptionMonster.