Calls Purchased on Weatherford International LTD (WFT)

Shares of Weatherford International LTD WFT are higher on the session by 1.64%, currently trading at $15.46. The stock has been drifting lower for the past year and is currently in a technical downtrend. Options traders are buying upside on the name today. The July $15 call was purchased 2,000 times, near the offer, right at the opening bell. Open interest on the strike is only 1,992 contracts, signaling new, bullish positioning on the strike. It seems likely that these calls may have been purchased as a hedge to short shares, though. Weatherford International Ltd. is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. It conducts operations in approximately 100 countries and has service and sales locations in the oil and natural gas producing regions in the world.