Saipem (OTCMKTS:SAPMF) Shares Gap Up – Still a Buy?

Saipem (OTCMKTS:SAPMF)’s share price gapped up before the market opened on Monday . The stock had previously closed at $2.71, but opened at $2.89. Saipem shares last traded at $2.89, with a volume of 175 shares traded.

Analysts Set New Price Targets

Separately, Citigroup raised shares of Saipem to a “strong-buy” rating in a report on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy”.

Saipem Trading Up 10.0%

The firm’s fifty day moving average is $2.69 and its 200-day moving average is $2.73.

Saipem Company Profile

Saipem is a leading global engineering and construction company specializing in upstream, midstream and downstream projects for the oil and gas industry. The company offers a full suite of services including engineering, procurement, construction and installation (EPCI) for onshore and offshore facilities, as well as specialized drilling services. Its expertise spans the development of floating production units, subsea pipelines, and complex petrochemical plants, catering to major energy producers and national oil companies around the world.

In addition to its core oil and gas portfolio, Saipem has expanded into renewable energy and infrastructure markets, leveraging its engineering capabilities in areas such as offshore wind, hydrogen, and carbon capture and storage.