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

Key Points

• Saipem's stock reached a new 52-week high of $3.02 on Wednesday, with a trading volume of 6,791 shares, up from a previous close of $2.94.
• Royal Bank of Canada downgraded Saipem from a "moderate buy" rating to a "hold" rating, although the average analyst rating remains a "Buy."
• The company operates primarily in energy and infrastructure solutions, including offshore drilling and the development of subsea fields.

Saipem (OTCMKTS:SAPMF - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $3.02 and last traded at $3.02, with a volume of 6791 shares trading hands. The stock had previously closed at $2.94.

Analyst Ratings Changes

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

Saipem Stock Performance

The company has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $2.55.

Saipem Company Profile

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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