Calls Purchased on Nabors Industries Ltd (NBR)
July 27, 2010 11:47 AM
Shares of Nabors Industries Ltd (NYSE: NBR) are lower on the session by 1.52%, currently trading at $18.51. The stock has been moving largely lower over the past six months and is currently in a technical downtrend.
Options traders are buying calls on the name today, betting that a rally may be in the cards. The August $20.00 call was purchased 1,650 times, on the offer, earlier in the session; open interest on the strike is 3,429 contracts.
Call volume is now running at 2.5x the daily average.
Nabors Industries Ltd. is a drilling contractor that conducts oil, gas and geothermal land drilling operations in the United States Lower 48 states, Alaska, Canada, South America, Mexico, the Caribbean, the Middle East, the Far East, Russia and Africa.
