One day after setting a new 52 week high on the back of record level revenues and net income per share of 0.10, the penny stock of Deep Down, Inc. (DPDW) took a step backwards opening up a door for long investors to get in. Set on staying above the $2 level, DPDW stock hit the radar a couple of months ago as ultra-deepwater drilling and production continues strengthen in The Gulf of Mexico and revenues for the year ended December 31, 2012 came in at just over $29 million. Adding $1 to their share price since the start of the year, this oil services company is headed into one direction: the opposite of their Company name.
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DPDW Stock Quote
Market Cap: 22.44M
Last: 2.21 ▼ -0.09 (-3.91%)
Issued and Outstanding: 10,831,470
14-Day Rel Strength: 64.10%
1st Resistance Point: 2.2733
1st Support Level: 2.1733
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As a proven deepwater and ultra-deepwater oil and gas industry service supporter with an impeccable reputation, Deep Down really was just that the end of 2012 / start of 2013. Despite having put up some decent numbers all through 2012, it was the Company’s first order in March from a major international oil and gas operator in Brazil that really kicked things off for DPDW stock.
After some significant investments into making their core steel flying leads product line one of the best choices in the industry, orders began flowing in for Deep Down in 2013. The slight increase in revenues for the 3 and 6 months ended June 30, 2013 over the same periods in 2012 are just the beginning when you consider that the big game changer was the Company getting their foot in the door for the Brazilan deepwater oil and gas drilling market.
In the beginning of May, Deep Down announced the formation of Deep Down Brasil, Ltda., a move that solidified a step towards taking advantage of a huge market. Even Ali Moshiri, president for Africa and Latin America at Chevron (NYSE:CVX) was caught stating back in 2010 that “Brazil is the future for the oil industry.”
With Deep Down expanding their efforts in Brazil and the return of aggressive oil exploration and drilling in The Gulf of Mexico, DPDW stock has but one direction to go and it’s already doing it since the start of the year.
About DPDW Stock
Deep Down, Inc., and their numerous wholly-owned subsidiaries, is an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, serving the worldwide offshore exploration and production industry.
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DPDW is a great penny stock any one who is long on investing in cheap, solid performing companies would be smart to consider. The subservient days of seeing DPDW stock trade below $2 are behind the Company and, with the impact of Brazilian services yet to truly make an impact on the books, 2014 could see Deep Down reporting over $40 million for their year end.
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