Switzerland based Transocean Ltd (NYSE:RIG) is involved in the deep water drilling contract space and over the course of the year so far, the company’s stock has emerged as a remarkable performer.
Yesterday, the Transocean stock was in focus yet again and ended the day with gains of as much as 7%. However, it is perhaps more important to keep in mind that in 2021 so far the stock is up by a staggering 290%. Hence, it might be the right time for investors to take a closer look at it at this point.
Experts believe that the stock is currently in what is called a ‘speculative buy zone’. On top of that, the company has certain unique features that may help it in lifting the rig rates marginally over the course of the next year.
More important the oil prices at this point are also quite supportive for those companies which want to charge higher rig rates. Experts have also stated that if the price of Brent crude stays at $80 a barrel on a consistent basis then there could be a significant rise in demand as well. However, it should be noted that it is a stock that might attract investors with a higher appetite for risks.
Oil and gas investors may also want to look at Allied Energy Corp. (OTCMKTS:AGYP) as it begins pumping oil from wells in Texas. As energy peaks in price and demand, AGYP is an independent that has literally struck oil and has started pumping barrels when domestic buyers need it most.
