Shares of APA Corp APA, the holding company for Apache, have rallied more than 60% year to date.
On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that APA traded 5.3 times its average daily call volume on Tuesday.
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There were buyers of 25,000 of the October 45 calls at $8.25 per contract on average, Khouw mentioned. This included one block of 20,000 contracts in institutional investment, he added.
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Traders see shares of APA climbing at least 16% by the October expiration, Khouw said.
APA Price Action: Shares of APA rose 0.94% to settle at $46.00 on Tuesday.
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