Schlumberger Limited (NYSE: SLB) shares are trading higher today even after the company announced that it increased its bid for Norway's seismic group Eastern Echo to 15 Norwegian crowns per share from 12 crowns. It is the second time Schlumberger sweetened its offer for Eastern Echo. Also boosting shares are oil prices that are up by more than 1.7% today. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on SLB.

After hitting a one-year high of $114.84 in October, the stock has fallen a bit over the past month. SLB opened this morning at $91.90. So far today the stock has hit a low of $90.74 and a high of $92.95. As of 10:50, SLB is trading at $91.63, up 79 cents(0.9%). The chart for SLB looks neutral but deteriorating, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a December bull-put credit spread below the $80 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 7.5% return in just 5 weeks as long as SLB is above $80 at December expiration. Schlumberger would have to fall by more than 12% before we would start to lose money. Learn more about this type of trade here.

SLB hasn't been below $80 since June and has shown support around $89.50 recently. This trade could be risky if the price of oil comes down off its near-record highs, but even if that happens, this position could be protected by support the stock formed between $85 and $90 in August. Plus, some support could be provided by the stock's 200-day moving average, which is currently at $85 and rising.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in SLB.