Saturday, December 17, 2016
Transocean: No Reason For Excitement
Transocean reached yearly highs last week.
The recent production cuts agreed to by oil producers around the world shift drilling towards domestic shale producers.
The deepwater drilling market still remains far from a recovery as Transocean continues to face a declining backlog.
On the back of more oil production cuts,
soared to multi-year highs this week. The news though has questionable benefits for the offshore drilling market.
The stock traded at a high of $16.66 to start the week, but Transocean is closing down for the week around $15. The question now is whether investors are rushing into the sector on false hopes.
on Seeking Alpha.
Disclosure: No position. Please review the disclaimer page for more details.
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