By David Russell of OptionMonster

NEW YORK -- Superior Energy Services (SPN - Get Report) has been bleeding lower since May, but the bulls were active Monday.

OptionMonster's tracking programs detected the purchase of more than 2,000 June 20 calls, most of which priced for $4.80 and $4.90. There was no open interest before the trades appeared, so new money was clearly put to work on the long side.

These calls lock in the price where a stock can be purchased, letting investors cheaply control a move to the upside. The contracts will behave very similar to owning the equity but can provide significant leverage, appreciating about 85 cents for every $1 the shares climb.

Superior's shares rose 0.21% to $24.36 Monday. The provider of oil-field services has fluctuated between $23 and $29 since the start of last year, but some investors might think that the stock is attractive because it trades for less than book value.

Total option volume in the name was 10 times greater than average in the session, with calls outnumbering puts by a bullish 24-to-1 ratio.

Russell has no positions in SPN.

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