SBM Offshore (OTCMKTS:SBFFF) Shares Up 6.8% – Here’s What Happened

SBM Offshore (OTCMKTS:SBFFF)’s share price shot up 6.8% during mid-day trading on Thursday . The stock traded as high as $41.45 and last traded at $41.45. Approximately 100 shares changed hands during trading, a decline of 78% from the average session volume of 460 shares. The stock had previously closed at $38.80.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada began coverage on shares of SBM Offshore in a research note on Tuesday, July 28th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, SBM Offshore has a consensus rating of “Buy”.

SBM Offshore Stock Performance

The firm has a 50 day moving average of $38.45 and a two-hundred day moving average of $38.24.

SBM Offshore Company Profile

SBM Offshore is a global developer and operator of floating production solutions for the offshore energy industry. The company specialises in the design, engineering, construction, installation and operation of floating production storage and offloading (FPSO) vessels, turret mooring systems and single-point mooring (SPM) buoys. These assets enable oil and gas producers to exploit deepwater and remote hydrocarbon reserves by converting production fluids into marketable oil and gas, while storing and offloading cargo to shuttle tankers.

Headquartered in Schiedam, the Netherlands, SBM Offshore traces its origins back to the 1960s when the first turret-moored production vessel concept was demonstrated.