This was a very high volume day...... Oil prices collapsed today and drillers and service companies shares dropped a lot. However TID finished even for the first day in a week or so. Considering the performance today on 3.5 million shares trading hands and I would say support has been established and a base is forming. Notwithstanding, the Q3 earnings release will be very important. We do not want to see more rigs losing contracts or EBITDA to far off analysts estimates.
IF they can show EBITDA in line or better yet above analyst estimates and we should see the share price moving back up.
What will really move the share price is announcements on the 6 rigs (three of which are nearing refurbishment completion) indicated they have been contracted. IF these were contracted the share price would increase 20 cents for absolute sure!!