3 Oil Stocks Surging Higher Today
Shares of offshore drilling specialist Transocean (NYSE: RIG), midstream operator Targa Resources (NYSE: TRGP), and oil and gas producer Ovintiv (NYSE: OVV) spent a large part of trading on May 12 up more than 10%. Transocean shares finished trading up 13.5%, while Targa and Ovintiv shares closed up around 8%.
Today's big move up for all three of these companies comes with a dearth of material news. The last big news for any of the three came last week, when Targa Resources reported on May 7, reporting solid results and a big increase in adjusted EBITDA, helping reassure investors after having gutted its dividend earlier this year. Ovintiv also reported earnings on May 7, with the company saying it was slashing capital spending by 60% to help deal with the collapse in oil prices and demand. Transocean reported on April 30, with its first-quarter results leaving little to be desired as offshore drilling demand collapses.
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Source Fool.com
