Engineering and construction company KBR has been trending higher for the last month, and some traders apparently believe that there's still more room for upside.
More than 2,300 March 35 calls were bought for $1.13 and $1.30 against open interest of 153 contracts on Friday, according to optionMONSTER's Heat Seeker system. In addition, more than 1,600 March 33 calls traded in a strong buying pattern for $2.15 to $2.30 against open interest of 1,162 contracts at that strike.
KBR rose 1.9 percent on Friday to close at $33.73. The stock has been filling gaps that opened last summer when it plunged with the broader market's selloff, and traders may think that shares will return to their previous range between $34 and $39.
The company is scheduled to report fourth-quarter earnings results on the morning of Feb. 23.
Option volume in the name totaled 8,788 contracts, nearly 13 times its daily average of 685. Calls at all strikes outnumbered puts by more than 23 to 1.
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