Oil States Int’l (OIS) trading over 300X average call volume on 3/9 with buyers of 3000 April $7.50 calls up to $1.05 to open. The small-cap has traded well with energy lately and flagging in a small range around $7.50 and a multi-month range breakout. A move above $9 clears a much wider monthly base with room up to $12.25 and filling a low-volume gap from the pandemic in March 2020. The $423.5M company provides oilfield products and services for the drilling, completion, subsea, production, and infrastructure sectors of the oil and gas industry. The company is benefitting from their role in the energy transition with deepsea mineral gathering and offshore wind systems where they’re a key provider of foundation and installation systems and platforms.  OIS would be a beneficiary of increased US shale production due to Ukraine/Russia disruptions as their well services play a key role. In February they noted that completion activity in US basins was increasing and the outlook for 2022 was positive. They also would benefit from more focus on offshore. Pieper upgraded shares to Overweight on 3/7 with an $8 PT citing valuation. Shares trade 33.45X earnings, 0.75X sales, and 8X cash. Short interest is 3.5%. Hedge fund ownership rose 10%.