5 Stocks Making Huge Moves this Week

In this article, we will look at the 5 Stocks Making Huge Moves this Week. For a deeper discussion and an extended list, please see 10 Stocks Making Huge Moves this Week.

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5. Sasol Ltd. (NYSE:SSL)

Sasol Ltd. soared by 26.2 percent week-on-week, hitting an over two-year high on Friday, as investors took heart from JPMorgan’s 122-percent price target upgrade for its stock.

In Friday’s session alone, Sasol Ltd. (NYSE:SSL) hit its highest price of $11.51 before trimming gains to end the session just up by 6.70 percent at $11.31 apiece.

This followed JPMorgan’s rating upgrade for Sasol Ltd. (NYSE:SSL) to “overweight” from “underweight” previously, while issuing a new price target of 209 rand, or a 122 percent boost from 94 rand previously.

The coverage was based on its optimism that Sasol Ltd. (NYSE:SSL) would benefit from higher oil prices and supply disruptions amid ongoing tensions in the Middle East.

According to JPMorgan, its global commodities unit expects oil production cuts of 12 million barrels per day (bpd) in seven days, and further to 16 million bpd in the next 14 days. The Middle East and North Africa regions have already slashed production of approximately 5.5 million bpd.

Additionally, JPMorgan expects benchmark crude oil prices to jump to $120 per barrel and further to $250 if the Strait of Hormuz—a critical waterway where 20 percent of the global oil supply passes through—closes for six months.