Saipem (OTCMKTS:SAPMF) Sets New 1-Year High - Here's What Happened

Key Points

• Saipem's stock reached a new 52-week high of $2.94 during trading, with a previous close of $2.91 and a trading volume of 2000 shares.
• The Royal Bank of Canada downgraded Saipem from a "moderate buy" to a "hold" rating, although the average rating remains a "Buy".
• Saipem provides energy and infrastructure solutions globally, with operations in subsea field development, offshore drilling, and energy carriers.

Saipem (OTCMKTS:SAPMF - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $2.94 and last traded at $2.94, with a volume of 2000 shares changing hands. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada downgraded Saipem from a "moderate buy" rating to a "hold" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy".

Saipem Trading Up 1.0%

The company has a fifty day moving average of $2.76 and a 200-day moving average of $2.53.

About Saipem

Saipem SpA provides energy and infrastructure solutions worldwide. The company operates through Asset Based Services, Offshore Drilling, and Energy Carriers segments. It offers development of subsea fields and pipelaying; installation and lifting of offshore structures; and engineering, implementation, installation, maintenance, modification, and decommissioning activities.

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