Pride Attracts Call Buyers Despite Recent Rally (PDE)

Shares of Pride International, Inc. (NYSE: PDE) are higher on the session by 0.13%, currently trading at $29.98. The stock has been moving largely higher over the past three months, rallying off of a low near $21.50. The stock's next resistance level is $32.50.

Options traders are buying calls on PDE despite the recent rally. A short while ago the October $29.00 call was purchased 3,000 times on open interest of 1,317 contracts and the October $30.00 call was purchased 8,400 times on open interest of 13,983 contacts.

Call volume is running at 5.15x the daily average, 68% on the offer.

Pride International, Inc. is an offshore drilling contractor. It provides contract drilling services to oil and natural gas exploration and production companies through the use of mobile offshore drilling rigs in the United States and international waters. Pride provides the rigs and drilling crews and is responsible for the payment of operating and maintenance expenses.

For more great research like this, as well as how to play it through options…please visit Benzinga's Options & Volatility Edge and Benzinga's Cash Generator.