Calls Purchased on Patterson UTI (PTEN)
Shares of Patterson-UTI Energy (NASDAQ: PTEN) are higher on the session by 0.99%, currently trading at $16.39. The stock has been moving largely higher over the past four weeks and is now nearing resistance at $16.50.
Options traders are buying calls on the name today. The August $17.50 call was purchased 2,600 times, on the offer, earlier in the session; open interest on the strike is only 1,068 contracts.
Call volume is now running at 9x the daily average.
Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs in the United States. The company's contract drilling business operates primarily in Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, Pennsylvania, West Virginia and western Canada.
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