Transocean LTD (NYSE:RIG) shares are trading higher by $0.93 (6 percent) at $14.21 in Thursday's session. There are two catalysts for the strong rally.
First of all, after Wednesday's close the company posted a solid Q4 EPS beat of $0.52 along with a revenue beat of $164 million. The rally is being aided by $1.00 move in April Crude Oil futures.
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After a higher open, the stock retreated but found support $0.06 ahead of the top of Wednesday's range ($13.49) at $13.55 before continuing its move higher. From there, the issue has climbed into the $14.00 handle and continues to make new highs for the session, with the current high standing at $14.22.
That high is just ahead of its February 1 high ($14.25), but well shy of its January 30 high of $14.88. Even that level is far off its 2017 high, which was made on January 12 at $16.16.