Aggregated price index with volume information
Summary:
- Contract Drilling stocks down 2.3% on average while median return down 2.6% in a day
- Contract Drilling stocks up 1.3% on average while median return up 0.4% in a week
- Contract Drilling stocks up 3.9% on average while median return up 1.3% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $BROG 19.9%, $HPK 15.1%, $NBR 10.0%, $HP 4.3%, $ICD 4.2%
- 1M losers are : Losers for past month are $BORR -1.0%, $PTEN -1.4%, $DO -1.5%, $NE -2.8%, $SDRL -8.1%
- 1W winners are : Winners for past week are $BROG 12.6%, $ICD 3.4%, $BORR 3.2%, $RIG 0.9%, $DO 0.9%
- 1W losers are : Losers for past week are $NE -0.2%, $HP -1.5%, $PTEN -4.4%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 49.0%, for the past 3 months is 42.2%
In the past month for a 5 days rolling window, the highest corrrelation is 75.1%, the lowest correlation is 12.4%, the latest correlation is 70.5%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 91.1% between HP and PTEN
The lowest correlation is -19.6% between BROG and ICD
Houston-based Fervo Energy has broken ground on what it calls the second-largest geothermal project in the world.
Helmerich & Payne eyes buy point as the U.S. oil rig count declined this week. Last week, North America broke a string of nine consecutive weekly rig losses.
On September 19, 2023, Charles Smith, the Executive Vice President and Chief Financial Officer of Patterson-UTI Energy Inc (NASDAQ:PTEN), sold 10,000 shares of the company.
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Unraveling the true worth of Borr Drilling Ltd (BORR) amidst significant overvaluation
Transocean (RIG) enters into a three-year, $486 million contract with a national oil company for its Deepwater Aquila drillship. It also plans to acquire the outstanding interests in Liquila Ventures Ltd.
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