NEW YORK (TheStreet) -- Shares of offshore drilling company SeaDrill Limited (SDRL) closed up 4.63% to $21.23 on Wednesday after the Republicans won control of both the House of Representative and the Senate in Tuesday's election.
Investors and analysts had expected a Republican victory to provide a boost to energy stocks, which have been suffering this week thanks to plummeting oil prices.
With some results remaining undecided, the Republicans won 52 seats in the Senate to the Democrats' 43 and 244 seats in the House compared to 180 for the Democrats. The party will control both houses of Congress for the first time since 2006 when the new Congress takes office in January.
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More than 8.2 million shares changed hands Wednesday, compared to the average volume of 7,531,940.
Separately, TheStreet Ratings team rates SEADRILL LTD as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."