Saipem (OTCMKTS:SAPMF) Stock Price Up 6.5% on Analyst Upgrade

Shares of Saipem (OTCMKTS:SAPMF) shot up 6.5% during trading on Tuesday after Kepler Capital Markets upgraded the stock to a strong-buy rating. The stock traded as high as $2.8850 and last traded at $2.8850. 1,500 shares were traded during trading, a decline of 57% from the average session volume of 3,513 shares. The stock had previously closed at $2.71.

Separately, Citigroup upgraded Saipem to a “strong-buy” rating in a research note on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Saipem presently has a consensus rating of “Buy”.

Saipem Price Performance

The business’s 50 day simple moving average is $2.70 and its 200-day simple moving average is $2.74.

Saipem Company Profile

Saipem is a leading global engineering and construction company specializing in upstream, midstream and downstream projects for the oil and gas industry. The company offers a full suite of services including engineering, procurement, construction and installation (EPCI) for onshore and offshore facilities, as well as specialized drilling services. Its expertise spans the development of floating production units, subsea pipelines, and complex petrochemical plants, catering to major energy producers and national oil companies around the world.

In addition to its core oil and gas portfolio, Saipem has expanded into renewable energy and infrastructure markets, leveraging its engineering capabilities in areas such as offshore wind, hydrogen, and carbon capture and storage.