Puts Purchased on Tenaris SA (TS)

Shares of Tenaris SA TS are lower on the session by 3.25%, currently trading at $47.72. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the May 2011 $50.00 put was purchased 1,200 times, on the offer, on open interest of 70 contracts. Overall put volume is now running at 4.29x the daily average with 93% of all puts traded being purchases on the offer. Tenaris SA is a Luxembourg-based holding company active in the supply of tubes and related services mainly for the energy industry and certain other industrial applications. The customers of the company include oil and gas and engineering companies engaged in constructing oil and gas gathering, transportation and processing facilities.