Occidental Petroleum shares climbed 2.5% to $54.38, earlier reaching $56.34 for a 12-month high, building on a 9.4% jump after the Q4 earnings report and contributing to a 32% gain year to date.

Call option volume spiked to 51,000 contracts this morning—nearly six times puts—with the weekly 3/6 55-strike call most active and new positions opened at the 56 call, even as 21 of 26 brokerages maintain hold or worse ratings.