Protection Purchased on HP

Shares of Helmerich & Payne Inc. HP are higher on the session by 4.34%, currently trading $35.32. The stock has been drifting lower over the past five months, but appears to have found support at the $35 handle, which is historical support. I am seeing protection purchased on the name today with the June $35 put purchased 2,000 times for $1.40; open interest on the strike is 2,459 contracts. This looks to be a bullish play though as traders are bidding up both the stock and puts, executing what is essentially a synthetic call position. Helmerich & Payne, Inc. is engaged in contract drilling of oil and gas wells for others. The contract drilling business is composed of three business segments: U.S. land drilling, offshore drilling and international land drilling.