Gran Tierra Energy saw bullish option activity on Friday for the second time in three sessions.
optionMONSTER's Heat Seeker system shows that 2,000 November 5 calls were bought at the same second for $1.05, clearly a new position because open interest in the strike was just 468 contracts before the session began. This follows heavy buying in the November 7.50 calls two days earlier .
The latest long calls , which lock in the purchase price for the stock, will track the shares more closely because they are already in the money. These options are looking for GTE to rally above $6.05 before they expire in mid-November, but they will lose value if the shares don't rise. (See our Education section)
GTE fell 4.15 percent to $5.54 on Friday, pulling back from a sharp move higher in the previous session. The Canadian oil and natural-gas producer, which operates in Latin America, has not yet scheduled its next earnings report.
Friday's call buying made up almost all the option in the name, which has averaged just 335 contracts a day for the last month. No puts changed hands in the session, a reflection of the bullish bias.
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