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Transocean (RIG) Catches Eye: Stock Jumps 7.2%

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Stock Market News For Nov 6, 2018

The Dow and the S&P 500 climbed on Monday as energy, financials and defensive stocks rallied.

Transocean Ltd. RIG was a big mover last session, as the company saw its shares rise more than 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $10.83 to $12.63 in the past one-month time frame.

The move came after the company announced that it has secured a six-well contract for the Transocean Norge with Equinor.

The company's Zacks Consensus Estimate for the current quarter has moved higher over the past few weeks, suggesting that more solid trading could be ahead for Transocean. So make sure to keep an eye on this stock going forward to see if this recent jump can turn into more strength down the road.

Transocean currently has a Zacks Rank #3 (Hold) while its Earnings ESP is positive.

Transocean Ltd. Price

Transocean Ltd. Price | Transocean Ltd. Quote

A better-ranked stock in the Oil and Gas – Drilling industry is Independence Contract Drilling, Inc. ICD, which currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Is RIG going up? Or down? Predict to see what others think: Up or Down

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