Midday Update: Memorial Resource Development Corp. (MRD) Charges Ahead 3.38% on August 3

Memorial Resource Development Corp. (MRD) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on August 3. At the lunch break, shares of MRD have gained 3.38% to $14.97 after closing the day prior at $14.48. In the first two and a half hours of trading, the stock has gone as high as $15.03 and as low as $14.39. Today's rise has come with about 938,600 shares changing hands, compared to an average 30-day volume of 1.91 million for Memorial Resource Development Corp.. The price is currently below the 30-day volume weighted average price of $14.88 for MRD.

The share appreciation gives the company a market capitalization of $2.99 billion based upon 206.36 million shares outstanding. It also means that MRD has a price-to-book ratio of 3.82:1.

In the past 52 weeks, shares of MRD have traded as low as $8.3 and as high as $20.55. Technical traders will take note that at $14.97, shares of MRD are trading above their 200-day MA at $14.17 and below their 50-day MA at $15.87. 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 MRD?

Memorial Resource Development Corp is an independent natural gas and oil company. It is engaged in the acquisition, exploration, and development of oil and natural gas properties. The company’s 505 employees are led by CEO Jay Graham from the corporate headquarters at 500 Dallas Street in Houston, TX.

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