Bull Move on Quanta Services

CHICAGO (TheStreet) -- Shares of Quanta Services (PWR Quote), a common stock pick on "Mad Money" host Jim Cramer's lists, are currently trading up 18 cents to $21.93, and at least one investor expressed optimism out of the gate Thursday with a longer-dated bull synthetic.

During the first hour of trading, an investor bought 4,600 January 2011 25 calls for about $3.10 per contract and financed the purchase by selling an equal number of January 2011 20 puts for approximately $3.30 per contract with the stock trading around $21.78.

The January 2011 25 calls are home to 200 contracts of current open interest. The January 2011 20 puts are home to current open interest of 180 contracts. The January 2011 25 calls have a delta of 49 and the January 2011 20 puts have a delta of three.

PWR did not announce any news Thursday, but the market expects to see some earnings figures out of the company around Nov. 4. It's interesting that we're seeing moderately bullish activity in PWR weeks prior to the earnings announcement.

It looks like at least one investor bought Cramer's views back in January that PWR was a good play in the electricity sector. PWR shares have seen a range between $20 and $24 throughout the last few months, but they are up nearly 40% since their February low of $15.91. So, we're seeing some bullish behavior in PWR as investors look to gain further long exposure in the stock throughout the next year and a few months.