By Pete Najarian, co-founder of OptionMonsterCOVINGTON, La. ( TheStreet) -- Hornbeck Offshore Services ( HOS - Get Report) has gotten hammered along with BP ( BP) and others in the energy space after the Deepwater Horizon oil spill, but call-buyers stepped in Friday. OptionMonster's tracking systems detected a surge of activity in the July 17.50 strikes, which traded early in the session for 20 cents. The buying continued, boosting the premiums to 25 cents and then 30 cents as the stock steadily pushed higher. By the end of the session, 2,595 calls had changed hands vs. open interest of just 359 contracts. Shares in the company, which operates offshore support and supply vessels to energy companies in the Gulf of Mexico, climbed 4.46% to $14.98 on Friday. They traded over $24 in early May but got smacked all the way down to below $13 in early June after the rig accident. Earlier this week, however, the CEO and other insiders stepped in to buy stock around the $14.30-$14.50 level. Judging by that and the options action, it looks as if there is a growing belief that Hornbeck will rebound to the upside. It needs to rally more than 18% by expiration for the call-buyers to turn a profit. Friday's activity pushed total options volume in the name to four times greater than average. Calls outnumbered puts by 19 to 1. Najarian owns Hornbeck calls.
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