Put Spread Purchased on Pioneer Drilling (PDC)

Shares of Pioneer Drilling Co. PDC are higher on the session by 2.45%, currently trading $5.44. The stock has been falling off a cliff as of late and it is trading well below the 50-day and 200-day moving averages. I am detecting a call spread purchased in the name today, though it may be a closing transaction. The December $7.50/5.00 was just purchased 2,115 times for $1.65. Open interest on both strikes exceeds volume, which may suggest that a short call spread position was closed out. Either way, trading is bearish in the name. Pioneer Drilling Company provides drilling and production services to oil and gas exploration and production companies throughout the United States and internationally in Colombia.