2 Energy Stocks Call Traders Are Targeting

Oil prices are back on the rise today after yesterday’s pullback, putting energy stocks in focus. Against this backdrop, options traders are targeting two stocks in particular.

Transocean Ltd (NYSE:RIG) stock is surging 6.5% to trade at $5.80, after the offshore drilling company secured a two-well, ultra-deepwater drilling contract for the Deepwater Conqueror in Equatorial Guinea. The roughly 170-day campaign is expected to begin in 2027 and add an estimated $80 million to Transocean’s backlog.

Options traders are targeting the rally, with 72,000 contracts exchanged so far, or 5.2 times the usual daily volume. The January 2027 7-strike call is the most popular contract, with 34,745 exchanged so far.

On the charts, RIG is jumping off the 60-day moving average and is now up 40.7% year to date.

EOG Resources Inc (NYSE:EOG) stock is up 2.9% to trade at $152.87, after UBS raised its price target to $183 from $158 and reiterated its "buy" rating. Options volume is running at 2.3 times the usual daily amount, with 7,951 contracts traded so far. The September 130 call is the most popular, with new positions opening at the June 120 put. 

Creeping back up toward its Aug. 20 record high of $153.52, EOG is up 46% since the start of the year.