$RIG Transocean is trading higher on the backs of a positive earnings report for Q4 2016. This is a stock I’ve followed closely over the last few months trading in and out of core positions. In my opinion, the company has turned the corner and is setup well should we see oil prices continue to rise. Below, you can find the technical picture for the stock as well as a few notes from today’s earnings report:
Transocean (RIG) shares were up 6.5% to $14 in early morning trading Thursday after the energy company reported fourth quarter earnings of 63 cents per share, well ahead of FactSet’s consensus estimate of a loss of 4 cents per share. Revenue of $974 million also topped analysts’ $744.2 million expectations.
During the company’s earnings call, CEO Jeremy Thigpen said that the company is actively looking to make merger and acquisition deals.
It’s also worth noting that the stock has found its way back to the runner screen inside Exodus, and I’m looking for another swing entry here. Other names from today’s runner screen worth watching, which include more oil drillers: NE, DO, ESV, ATW.
Today’s full screen can be found HERE. Keep an eye on $RIG as we head into a strong season for higher oil.Comments »