Goodrich Petroleum is rocking, and the bulls are rolling with the shale-energy driller.
optionMONSTER's Heat Seeker monitoring program detected the purchase of 7,500 May 17.50 calls for $1.10 and the sale of an equal number of April 17.50 calls for $0.35 on Friday. Volume was below open interest in the April contracts, so it appears the investor closed an existing position and moved it forward by one month.
Calls lock in the price where a stock can be bought, letting investors cheaply profit from a rally. Friday's adjustment cost $0.75 and provided an additional month of upside exposure. (See our Education section)
GDP ended the session up 1.23 percent to $15.70. It was the stock's highest close since mid-February, when it gapped lower on a poor earnings report. Other energy firms have been strong recently as well.
Total option volume in GDP was triple the daily average, with calls outnumbering puts by 14 to 1.
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