Patterson UTI gets vote of confidence
Mike Yamamoto | [email protected]
optionMONSTER's systems detected the sale of 2,500 March 18 puts for $0.30 in less than 3 minutes late yesterday afternoon. This is a new position, as the strike showed no open interest before the trade.
PTEN rose 1.03 percent yesterday to close at $19.67, about $1 from its 52-week high from February. Shares of the oil and natural-gas drilling company slid to a 2012 low of $12.81 in June but have been trending higher since then with the rest of the energy sector.
Yesterday's put seller is positioned for PTEN to stay above the $18 strike price through expiration in mid-March. If the stock is below that strike price, the trader will face the obligation to buy the shares.
The company is scheduled to release fourth-quarter results on the morning of Feb. 7.