E Weekly Energy Roundup: Offshore Drilling Companies, June 25 To June 29

Overall, it was a relatively slow week for oil-related news, although President Trump did ask Saudi King Salman to endorse an increase in production totaling 2 million barrels per day in an attempt to punish Iran. Thus, it seems likely that most of the fluctuations in the stock prices of offshore drillers that we saw over the past week were due to general market action or company-specific factors. 

Transocean (RIG

On Monday, June 25, 2018, Transocean opened at $12.70 per share. The stock climbed on every day over the course of the week, with its sharpest gain coming on Tuesday. Ultimately, Transocean closed out the week at $13.44. This gives the stock a 5.83% gain on the week, a rather respectable performance. 

(Click on image to enlarge)

Source: Fidelity Investments 

Transocean's stock performance was strongly positive over the trailing two-week period. While there were both up days and down days, the days with a positive return outnumbered those with a negative return and it returned an overall gain over the period. Transocean opened at $11.90 on Monday, June 18 and climbed to $13.44 by Friday, June 29. This gives the stock a two-week gain of 12.94%, which any investor should be able to appreciate. A trader would have had numerous opportunities to profit over the period as well. 

(Click on image to enlarge)

Source: Fidelity Investments 

Transocean did not have any news that significantly impacted the stock over the past week. On June 27, the company did announce a private offering of secured notes, but this is really just a refinancing of existing debt so will not have any major effect on the company except to push the maturity date of some $700 million in debt out to 2024. 

Ensco plc (ESV

Ensco stock also increased over the week ending June 29, 2018 with almost no volatility. On June 25, the stock opened at $6.46 per share and closed out the week at $7.26 per share. Overall, the stock delivered a gain of 12.38% on the week.  

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Disclosure: I have no positions in any stocks mentioned in this article.

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