This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energy Bulls Turn to Ultra Petroleum

By Pete Najarian, co-founder of OptionMonster

NEW YORK -- The bulls got off to a quick start in Ultra Petroleum (UPL) on Friday morning.

OptionMonster's tracking systems detected the purchase of more than 6,000 September 26 calls against previous positioning of 2,473 contracts. The first blocks priced for 25 cents shortly after the open, followed by continued buying throughout the session.

Calls lock in the price investors must pay to buy shares in the independent energy company, which is primarily focused on developing areas in the Green River Basin of southwest Wyoming. Those options could generate some nice leverage if the stock rallies, but they will expire worthless if it doesn't.

Ultra Petroleum declined 1.01% to $22.62 on Friday. Energy has been a theme for awhile and continues to a sector in focus for unusual activity despite slowing down a little in the last week.

Option volume in the name was almost twice the daily average. There were more than 9,500 total calls, versus barely 2,000 puts, so it was definitely a bullish session.

Najarian owns UPL calls.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports