Put Spread Sold on Oceaneering International (OII)
July 27, 2010 12:58 PM
Shares of Oceaneering International Inc. (NYSE: OII) are lower on the session by 1.71%, currently trading at $48.31. The stock has been moving largely lower over the past few months, off from recent highs near $69.00.
Options traders are selling downside on the name today, betting that the stock may be near a bottom. The August $48/47 put spread was sold 1,000 times, for $0.20 earlier in the session. Volume exceeded open interest on both strike, indicating new, bullish positioning on the name.
Put volume is now running at 6x the daily average.
Oceaneering International, Inc. is an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology, the company also serves the defense and aerospace industries.
