Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Hercules Offshore (NASDAQ:HERO.DL) rose as much as 10% today after being upgraded by two analysts.

So what: Analysts at both Stephens and Deutsche Bank upgraded the stock to buy ratings before the market opened today. The company also released a fleet status report after the market closed last night that gave investors some confidence.

Now what: Hercules is focused on the shallow-water drilling market, which has been crushed in recent years. But both utilization and day rates are improving almost across the board, which should be a long-term positive for the company. I'd still prefer to focus on ultra-deepwater, which has more long-term demand, but there's a strong possibility that this stock could rally short term on the positive data and upgrades.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.