SBM Offshore (OTCMKTS:SBFFF) Trading Up 4% – Here’s What Happened

SBM Offshore (OTCMKTS:SBFFF) shot up 4% during mid-day trading on Friday . The company traded as high as $38.0955 and last traded at $35.84. 898 shares were traded during trading, an increase of 4% from the average session volume of 867 shares. The stock had previously closed at $34.45.

Analyst Ratings Changes

Separately, Morgan Stanley reiterated an “overweight” rating on shares of SBM Offshore in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy”.

SBM Offshore Price Performance

The company’s 50 day simple moving average is $33.27 and its 200 day simple moving average is $29.42.

About SBM Offshore

SBM Offshore is a global developer and operator of floating production solutions for the offshore energy industry. The company specialises in the design, engineering, construction, installation and operation of floating production storage and offloading (FPSO) vessels, turret mooring systems and single-point mooring (SPM) buoys. These assets enable oil and gas producers to exploit deepwater and remote hydrocarbon reserves by converting production fluids into marketable oil and gas, while storing and offloading cargo to shuttle tankers.

Headquartered in Schiedam, the Netherlands, SBM Offshore traces its origins back to the 1960s when the first turret-moored production vessel concept was demonstrated.