Equitrans Midstream stock last week surged to its highest level since August
Natural gas name Equitrans Midstream Corp (NYSE:ETRN) is up 1.1% to trade at $9.31 at last check, while boasting a 38.1% year-to-date lead. The shares are on track to snap their three-day losing streak, after last week surging to their highest level since August. Support from ETRN's 10-day moving average and $9 level contained this pullback, though, and helped the security score its fifth consecutive weekly gain.
Options traders have taken notice of the rally. ETRN appeared on Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 (SP400) stocks that attracted the highest weekly options volume in the last 10 days. The security saw 249,096 calls and 34,520 puts exchanged, with the October 10 call seeing the most action.
Bullish bets have been prevalent for the past 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day call/put volume ratio of 32.61 that ranks higher than 89% of readings from the last year.