Saipem (OTCMKTS:SAPMF) Shares Gap Up – Time to Buy?

Saipem (OTCMKTS:SAPMF) gapped up before the market opened on Monday . The stock had previously closed at $3.32, but opened at $3.55. Saipem shares last traded at $3.51, with a volume of 2,000 shares.

Analysts Set New Price Targets

A number of research analysts have recently commented on SAPMF shares. Kepler Capital Markets upgraded Saipem to a “strong-buy” rating in a research note on Monday, December 22nd. Citigroup raised Saipem to a “strong-buy” rating in a report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy”.

Saipem Price Performance

The business has a 50-day simple moving average of $2.88 and a 200 day simple moving average of $2.79.

About Saipem

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.