Puts Purchased on Pride International (PDE)

Shares of Pride International Inc. (NYSE: PDE) are lower on the session 0.13%, currently trading $23.87. The stock has been cascading lower nearly every single day, off from recent highs around $33.50. The stock is trading well below the 50-day and 200-day moving averages, but has entered oversold territory. A move higher in the short term is not out of the question.

I am seeing puts purchased on the stock today; the July $32.50 strike put was purchased on the offer 1,700 times for $9.60, very close to the offer. Open interest on the strike is 1,936 contracts. Put action in the name is now running at 8.61x the daily average.

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.