Are Shares of Superior Energy Services Topped Out?
Shares of Superior Energy Services (SPN) are trading lower on the session by 1.10%, at $23.45. The stock has been moving nicely higher over the past three months, rallying nearly 40% in the process.
Three trading sessions ago, SPN shot to a three-month high, tagging the 200-day moving average at $24.45; shares have been consolidating ever since. One trader is betting that the stock is topped out and will not make new highs for the next six weeks
Early in the session, the October $25.00 calls was sold 2,245 times, on the bid, for $0.40. Since, a block of 1,144 calls was sold for $0.40, followed shortly by a third block of 1,210 contracts at $0.40
Volume on the strike is now pushing over 7,500 contracts; open interest on the strike is only 453.
Near-term implied and historical volatility is registering 40% and 34%, respectively.
Superior Energy Services, Inc. is a diversified provider of specialized oilfield services and equipment. The company offers a variety of products and services throughout the economic life of an oil and gas well, including end of life services.
View The Options Insider's post archive >