Calls Purchased on Nabors Industries ltd (NBR)

Shares of Nabors Industries ltd NBR are higher on the session by 2.71%, currently trading at $18.16. The stock has been moving largely lower over the past six months and is currently in a technical downtrend. Options traders are buying calls on the name today, betting that the stock can rally from here. The August $20.00 call was purchased 2,000 times, on the offer, a short while ago; open interest on the strike is only 1,126 contracts. Call volume is now running at 2.83x 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.