Calls Purchased on Goodrich Petroleum (GDP)
August 20, 2010 11:36 AM
Shares of Goodrich Petroleum Corp (NYSE: GDP) are lower on the session by 3.08%, currently trading at $11.02. The stock has been moving largely lower over the past six months, off from recent highs near $21.50.
Options traders are buying calls on the name today, betting that the stock may be at a near-term bottom. The September $12.50 call was purchased 1,500 times, on the offer, a short while ago; open interest on the strike is 1,789 contracts.
Call volume is now running at 3.74x the daily average.
Goodrich Petroleum Corporation is an independent oil and gas company engaged in the exploration, exploitation, development and production of oil and natural gas properties primarily in East Texas and Northwest Louisiana. As of December 31, 2009, the company owned working interests in 466 active oil and gas wells located in 24 fields in six states.
