Puts Purchased on Pride International, Inc. (PDE)

Shares of Pride International, Inc.

are higher on the session by 2.01%, currently trading at $30.43. The stock has been moving largely higher over the past two months, rallying above the 50-day and 200-day moving averages. First resistance is at $32.25. Options traders are buying puts on the name today. A short while ago the December $27.00 put was purchased 2,300 times, on the offer, for $0.75 on open interest of only 503 contracts. This signals new positioning on the strike. Overall Put volume is now running at 2.90x the daily average, with 96% of all puts traded being purchases 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.