Aggregated price index with volume information
Summary:
- Oilfield Services/Equipment stocks up 0.8% on average while median return up 0.8% in a day
- Oilfield Services/Equipment stocks up 3.2% on average while median return up 3.0% in a week
- Oilfield Services/Equipment stocks up 9.9% on average while median return up 8.6% 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 $SOI 55.6%, $OII 31.2%, $KLXE 30.4%, $CLB 24.6%, $TUSK 22.5%
- 1M losers are : Losers for past month are $USAC -3.4%, $DRQ -7.1%, $KNOP -9.9%
- 1W winners are : Winners for past week are $RES 17.6%, $TUSK 15.4%, $OII 15.0%, $NINE 14.3%, $KLXE 9.5%
- 1W losers are : Losers for past week are $KNOP -2.4%, $AROC -4.6%, $PFIE -4.8%, $USAC -5.0%, $TDW -5.4%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 31.6%, for the past 3 months is 31.4%
In the past month for a 5 days rolling window, the highest corrrelation is 50.5%, the lowest correlation is 2.1%, the latest correlation is 31.5%
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 90.5% between CLB and RES
The lowest correlation is -46.9% between GEOS and NCSM
RPC (RES) Q2 earnings gain on higher activity within rental tools and lower cost of revenues. However, a soft environment for pressure pumping negatively impacts the top line.
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