Puts Sold on Nabors Industries LTD (NBR)

Shares of Nabors Industries LTD NBR ended the session lower by 3.54%, trading at $17.99. The stock has been trading largely lower over the past six months and is currently trading in a technical downtrend. Options traders were selling puts on the name today. The July $17.00 put was sold 1,300 times, on or near the offer, on open interest of 432 contracts. Put volume was running at 2.44x the daily average. Nabors Industries Ltd. is a drilling contractor that conducts oil, gas and geothermal land drilling operations in the United States Lower 48 states, Alaska, Canada, South America, Mexico, the Caribbean, the Middle East, the Far East, Russia and Africa. As of December 31, 2009, the company marketed approximately 542 land drilling rigs.