Buyers See Petrohawk Taking Wing

Petrohawk Energy is a name that has lit up OptionMonster's tracking systemson and off for quite some time, and traders showed yesterday that they still like the oil and natural-gas company.

The stock ended the session unchanged but is up 18 percent over the last three months. It had a massive run when oil shot over $100 back in 2008 but has been pretty much drifting ever since, now sitting at its 200-day moving average and not far above its 50-day line.

The big option activity yesterday was call rolling, as money shifting out of the December 19 contracts and into the March 19 calls to allow more time for the trade to work. It was a vote of confidence that shows someone is willing to wait for more upside next year.

Traders collected about $0.09 by selling the December calls, which will expire Friday, and paid $1.36 to $1.41 for the March options. About 5,600 contracts changed hands in each strike.

Volume was more than 25,000 contracts in the name yesterday versus its 5,300 daily average. Only about 3,000 of those were puts, so it was a bullish session overall.

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.