Call Volume Grows on Helmerich & Payne (HP)

Shares of Helmerich & Payne Inc. HP are higher on the session by 6.63%, currently trading at $41.80. The stock has been catching bids over the past week and is off its lows around $32.30. The stock has managed to regain the 50-day and 200-day moving averages as well. Options traders are buying some calls today. Though action has been primarily in small lots, total volume is running at 2.51x the daily average with 89% of all calls traded being purchases on the offer. This signals increasing bullish sentiment. Traders are focusing on the $42.50 and $45.00 strikes in multiple months. 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.