There’s plenty for options trading investors to choose from next week’s earnings schedule. So let’s dive in with Anadarko Petroleum (NYSE: APC), which reports on Monday after the closing bell. Analysts expect this oil and gas exploration and production company to show a 29% decrease in profits from a year ago. That would represent the first such decline in five quarters.

APC has a solid record of beating earnings estimates, having bested the analyst number in seven of the past eight quarters.  And performance after recent reports has been positive, with the shares gaining more than 2% in the week following earnings.

While the recent post-earnings performance is hardly jaw dropping, APC’s chart suggests that the run of post-earnings gains is likely to continue.  The stock has been treading water for the past couple of weeks, riding along the support of its 100-day moving average.

Sentiment toward APC is tilted toward the negative side, which seems misplaced for an energy company that has been in a solid uptrend for eight months. While short interest is negligible, the put/call ratio is forming a peak at levels that have been followed by rallies in the past few months. And 11 of 28 analysts still rate the stock a “hold,” so there’s plenty of room for upgrades.

With strong technical support in place, a solid record of beating earnings estimates, and plenty of pessimism to unwind into buying pressure, APC should do well after earnings on Monday. Buy the APC May 77.50 Call for $2.50 or less.

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