Shares of Singapore-listed offshore vessel builder STX OSV Holdings jumped as much as 6.5% to a record after the company’s fourth quarter net profit doubled, reported Reuters.
By 9:13 a.m. on Wednesday, STX OSV shares were 5.8% higher at $1.63 with more than 17.0 million shares traded in just 13 minutes, 1.3 times its average full-day volume traded over the last five sessions.
By 9:13 a.m. on Wednesday, STX OSV shares were 5.8% higher at $1.63 with more than 17.0 million shares traded in just 13 minutes, 1.3 times its average full-day volume traded over the last five sessions.
On Tuesday, STX OSV said its fourth quarter net profit more than doubled to 638 million Norwegian krones ($141.7 million) on higher orders and strong margins.
Brokerage DMG & Partners upgraded the stock to buy from neutral and raised its target price to $2.00 from $1.20.
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