Why Transocean Ltd. (RIG) Went Up on Friday

We recently compiled a list of the 10 Stocks End With Solid Performance. In this article, we are going to take a look at where Transocean Ltd. (NYSE:RIG) stands against the other stocks.

The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.

The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.

Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

An aerial view of an oil rig with drillers in hard hats working on the platform.

Transocean Ltd. (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) grew its share prices for a second day to finish 9.75 percent higher at $3.04 each, in line with the oil and gas drilling industry as bright prospects about the energy industry continued to dribble down to various sectors.

Transocean Ltd. (NYSE:RIG), a leading international provider of offshore contract drilling services for oil and gas wells, stands to largely benefit from the US government’s plan to bolster energy supply in the US to unlock the country’s full energy potential and bring down costs for homes and businesses.

Last month, President Donald Trump announced that he reopened 625 million acres that former president Joe Biden banned from further offshore oil and gas leases as part of his support to prop up drilling for more oil and gas resources.

RIG, on the other hand, secured several contracts in the US Gulf of Mexico, including the Deepwater Conqueror, Atlas, and Asgard.

Overall RIG ranks 5th on our list of Friday’s top performers. While we acknowledge the potential of RIG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIG but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.