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The drilling industry has recently experienced a commendable upswing, with a substantial 8.22% surge in performance over the past week. In this article, we will dissect the current dynamics of key players in this sector, focusing on prominent tickers such as DO, RIG, HP, NBR, NR, PDS, and PTEN.
Positive Outlook and Indicator Analysis: The 15 Indicator Stock Fear & Greed Index is currently signaling a Positive Outlook for the drilling industry. According to Tickeron, there's a predicted further increase of more than 4.00% within the next month, with a robust likelihood of 72%. Notably, the daily ratio of advancing to declining volumes over the last month stood at 1 to 1.22.
Momentum and Confirmation: Seven stocks within this ticker group have confirmed this positive outlook based on the Momentum indicator, boasting an average confidence level of 82%.
Market Cap Insights: The average market capitalization across the group is a substantial 2.5 billion USD. RIG claims the highest valuation at 5.1 billion USD, while NR stands as the lowest valued company at 615.2 million USD.
Highs and Lows: In terms of price movements, the average weekly growth for all stocks in the group was 8.22%, with NBR experiencing the highest surge at 14.71%, while DO faced a 2.99% decline. Looking at monthly trends, the average growth was -2.02%, and quarterly growth averaged at -15.78%.
Notable Events: On 10/7/23 at 11:11 AM, Transocean (RIG, $7.64) faced a significant weekly decline of -6.94%. Conversely, on 6/8/23 at 7:25 AM, RIG had a noteworthy weekly gain of +10.84%, signaling an uptrend continuation.
Volume Analysis: Weekly volume growth across all stocks in the group averaged at -9.24%. However, monthly and quarterly volume growth showed promising averages of 39.48% and 10.55%, respectively.
Volume Surges: On 9/16/23 at 7:44 AM, Patterson-UTI Energy witnessed a record-breaking daily growth of 308% of the 65-Day Volume Moving Average. Similarly, on 6/24/23 at 6:52 AM, Newpark Resources experienced a daily growth of 285% of the 65-Day Volume Moving Average.
Individual Ticker Analysis:
PDS in Upward Trend:
DO in Downward Trend:
RIG's Stochastic Oscillator:
Summary: In summary, the drilling industry is currently riding a wave of positive performance, with several indicators pointing toward continued growth. While individual stocks present varied trends, the overall outlook for the sector appears optimistic. Investors should closely monitor the specific indicators highlighted to make informed decisions in this dynamic market.
The 10-day moving average for DO crossed bearishly below the 50-day moving average on May 01, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 12 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
The 10-day RSI Indicator for DO moved out of overbought territory on April 08, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 18 similar instances where the indicator moved out of overbought territory. In of the 18 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Momentum Indicator moved below the 0 level on April 16, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on DO as a result. In of 61 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for DO turned negative on April 12, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 30 similar instances when the indicator turned negative. In of the 30 cases the stock turned lower in the days that followed. This puts the odds of success at .
DO moved below its 50-day moving average on April 30, 2024 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where DO declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where DO advanced for three days, in of 160 cases, the price rose further within the following month. The odds of a continued upward trend are .
DO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 126 cases where DO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating fairly steady price growth. DO’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.177) is normal, around the industry mean (67.236). P/E Ratio (24.844) is within average values for comparable stocks, (22.623). DO's Projected Growth (PEG Ratio) (0.000) is slightly lower than the industry average of (1.206). DO has a moderately low Dividend Yield (0.000) as compared to the industry average of (0.031). P/S Ratio (1.321) is also within normal values, averaging (1.379).
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating that the returns do not compensate for the risks. DO’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 87, placing this stock worse than average.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a provider of contract drilling services to the energy industry
Industry ContractDrilling