I think it is just the fact that investors that desire yield are looking at stocks that have good earnings, yield, and growth potential. SDRL fits this profile...... I bought more today and will continue to accumulate at these levels. No reason this stock should not go back to 42 over the next 12 months unless the market makes a major correction....
I would classify this as an institutional tug of war.
It looked to me like another big player started selling yesterday afternoon, taking advantage of the big run up from the earlier big buyer. That's why the pps seemed to go nowhere yesterday , even though the volume continued to increase all day.
I think today's action is just a continuation of that selling.