Helmerich & Payne ended last week at a two-year high, and short-term traders are looking for even more gains in the energy-drilling company.
More than 2,000 September 70 calls were purchased for $0.11 to $0.74 on Friday, according to optionMONSTER's Heat Seeker system. The volume was well above the strike's previous open interest of 521 contracts, indicating this is fresh buying.
These long calls lock in the price where traders can buy the stock no matter how far it might climb. But the contracts will expire worthless at the end of this week if shares remain below $70. (See our Education section)
HP rose 3.65 percent to $68.99 on Friday, its highest close since July 2011. Shares have been rising steadily since starting the month below $63.
Total option volume in the name topped 4,900 contracts on Friday, more than 10 times its daily average for the last month. Overall calls outnumbered puts by 13.5 to 1, a reflection of the session's bullish sentiment.
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