Diamond Offshore Drilling Inc. (DO) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on September 22. At the lunch break, shares of DO have gained 3.29% to $16.32 after closing the day prior at $15.8. In the first two and a half hours of trading, the stock has gone as high as $16.47 and as low as $16.09. Today’s rise has come with about 1.64 million shares changing hands, compared to an average 30-day volume of 3.15 million for Diamond Offshore Drilling Inc.. The price is currently below the 30-day volume weighted average price of $16.31 for DO.
The share appreciation gives the company a market capitalization of $2.17 billion based upon 137.17 million shares outstanding. It also means that DO has a price-to-book ratio of 0.6:1.
In the past 52 weeks, shares of DO have traded as low as $14.175 and as high as $26.72. Technical traders will take note that at $16.32, shares of DO are trading below their 200-day MA at $21.36 and below their 50-day MA at $19.87. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is DO?
Diamond Offshore Drilling Inc is an offshore oil and gas drilling contractor. Its fleet offers a range of services in various markets, including the deep water, harsh environment, conventional semi submersible and jack-up markets. The company’s 3400 employees are led by CEO Marc Gerard Rex Edwards from the corporate headquarters at 15415 Katy Freeway in Houston, TX.
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