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DOFSQ - Valaris - Short The Momentum Rally With Bankruptcy Likely Just Weeks Away
Diamond Offshore Drilling Inc.
Note:
Valaris PLC (NYSE:VAL) has been covered by me previously, so investors should view this as an update to my earlier articles on the company.
On Friday, a stunning jobs report and the OPEC+ decision to extend recent production cuts by another month, caused a massive rally in oil and oil service stocks with beaten down shares of offshore drillers outperforming the market by a wide margin:
Source: Yahoo Finance
The rally extended into the after hours session and momentum is very likely to carry over into pre-market trading on Monday, providing the