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Gulfmark Offshore Looks to Continue to Trade Below its Annual-Low Share Price Today

By David Diaz

Shares of Gulfmark Offshore (NYSE:GLF) traded at a new 52-week low today of $1.50. This new low was reached on below average trading volume as 125,000 shares traded hands, while the average 30-day volume is approximately 372,000 shares.

Gulfmark Offshore has overhead space with shares priced $1.52, or 78.1% below the average consensus analyst price target of $6.93. The stock should find initial resistance at its 50-day moving average (MA) of $5.73 and further resistance at its 200-day MA of $5.99.

GulfMark Offshore, Inc. provides marine support services to the energy industry. The Company's vessels transport drilling materials, supplies, and personnel to offshore facilities, as well as move and position drilling structures. GulfMark operates primarily in the North Sea and offshore Southeast Asia.

In the past 52 weeks, shares of Gulfmark Offshore have traded between the current low of $1.50 and a high of $16.43 and are now at $1.52. The 200-day and 50-day moving averages have moved 1.2% lower and 3.65% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Gulfmark Offshore on July 28th, 2016 by issuing a Downtrend alert when the shares were trading at $2.90. Since that call, shares of Gulfmark Offshore have fallen 45.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows gulfmark offshore

Ticker(s): GLF