by Jon "DRJ" Najarian
Shares of Anadarko (NYSE:APC) rose along with heavy options activity yesterday, ahead of a key energy industry conference Thursday.
APC, one of the world's largest independent oil and gas companies, finished the day up 4.66 percent and inched up to $44.78 in after-hours trading. The shares were trading at $52 as recently as May 8 but plunged after announcing that it make a secondary stock offering to raise cash, falling below $42 Friday.
Options traders yesterday were focused on the June 45 strike price, where nearly half of the day's 9,748 calls traded in the first two hours of the session, according to optionMONSTER's Heat Seeker tracking system. The contracts dwarfed the average daily volume of just 127 calls at that strike and were more than eight times the open interest.
Anadarko will present at the 2009 UBS Energy Global Oil and Gas Conference in Austin, Texas, on Thursday.
Disclosures: I own a call spread in APC.