Here's Why Transocean LTD Stock Was Up 26% Last Month (and Is Still Worth Buying)
September was a great month to own shares of Transocean LTD (NYSE: RIG), which gained a very strong 25.7% on the month. If we go back a couple of weeks further, Transocean's stock price jumped a remarkable 48% between August 18 and the end of September.
Two big catalysts have been behind the recent push by investors into the offshore-drilling contractor's stock: higher oil prices and a big vote of confidence by an investment-bank analyst who covers the sector.
Let's start with oil prices. At this writing, Brent crude futures are a little bit above where they were at the start of the year, but through mid-August, oil prices had fallen by almost 20%. Since then, they're up more than 14%.
Source: Fool.com
