Aggregated price index with volume information
Summary:
- Contract Drilling stocks down 1.3% on average while median return down 1.5% in a day
- Contract Drilling stocks down 4.5% on average while median return down 4.3% in a week
- Contract Drilling stocks down 1.2% on average while median return down -2.6% 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 $ICD 13.8%, $PDS 8.2%, $DO 7.1%, $RIG 6.9%, $SDRL 5.4%
- 1M losers are : Losers for past month are $PTEN -0.2%, $HPK -0.5%, $NBR -11.6%, $BORR -15.7%, $BROG -42.6%
- 1W winners are : Winners for past week are $ICD 3.7%
- 1W losers are : Losers for past week are $PTEN -5.2%, $NE -6.2%, $RIG -7.6%, $PDS -9.9%, $NBR -11.3%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 32.7%, for the past 3 months is 34.1%
In the past month for a 5 days rolling window, the highest corrrelation is 42.7%, the lowest correlation is 12.1%, the latest correlation is 27.7%
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 87.3% between PDS and SDRL
The lowest correlation is -43.7% between BROG and SDRL
Valaris Ltd. (VAL) announces that its joint venture in Saudi Arabia, ARO Drilling, has received a suspension notice for one of its 19 contracted rigs, the Valaris 143.
Halliburton (HAL) adds the SuperFill II diverter to its SuperFill surge reduction equipment lineup. The diverter tool enhances the benefits provided by the auto-fill float equipment.
Repsol (REPYY) invests 250 million euros for the construction of a new plant in Cartagena, Spain, dedicated to the production of 100% renewable fuels.
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