Puts Purchased on Ultra Petroleum (UPL)
July 29, 2010 11:48 AM
Shares of Ultra Petroleum Corp. (NYSE: UPL) are higher on the session by 0.53%, currently trading at $43.40. The stock has been moving largely lower over the past two months, off from recent highs near $50.45.
Options traders are buying puts on the name today. The August $43.00 put was purchased 2,000 times, on the offer, a short while ago; open interest on the strike is only 623 contracts. This signals new positioning on the name.
Put volume is now running at 2.41x the daily average.
Ultra Petroleum Corp. is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The company's operations are primarily located in the Green River Basin of southwest Wyoming and in the north-central Pennsylvania area of the Appalachian Basin.
