Offshore Drilling Stocks Popped: What You Need to Know

Updated

What: Shares of Hercules Offshore (NAS: HERO) and ATP Oil & Gas (NAS: ATPG) each rallied more than 10% during intraday trading on hopes that platforms evacuated from the Gulf of Mexico would resume drilling soon.

So what: In particular, Tropical Storm Lee took some 239 production platforms offline over the Labor Day weekend. Now reports say workers are headed back to reopen roughly 100 Gulf oil and gas platforms.

Now what: Investors must be thrilled. The scars of Hurricane Katrina and other mega-storms haven't fully left the national consciousness, and a result we tend to fear the worst when clouds go dark. Lee, thankfully, never fully faded to black. Do you agree? Disagree? Please weigh in using the comments box below.

Interested in more info on Hercules Offshore and ATP Oil & Gas?Add them to your watchlist.

At the time thisarticle was published Fool contributorTim Beyersis a member of theMotley Fool Rule Breakersstock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim'sportfolio holdingsandFoolish writings, or connect with him onGoogle+or Twitter, where he goes by@milehighfool. You can also get his insightsdelivered directly to your RSS reader.Try any of our Foolish newsletter servicesfree for 30 days. We Fools don't all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.

Copyright © 1995 - 2011 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Advertisement