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OPEC Meeting a Big Deal for Offshore Drillers

PART:
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Part 6
OPEC Meeting a Big Deal for Offshore Drillers PART 6 OF 6

Offshore Drilling Stocks’ Upgrades and Downgrades in November

Analysts’ upgrades and downgrades

In our October 24, 2016, series we saw there were a variety of upgrades and downgrades in October by Wall Street analysts for offshore drilling stocks. In this part, we’ll see how Wall Street analysts have upgraded or downgraded offshore drilling companies (IYE) in November, followed by consensus ratings of these stocks.

Offshore Drilling Stocks&#8217; Upgrades and Downgrades in November

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Upgrades and downgrades

  • Rowan Companies (RDC) was upgraded by Société Générale to “hold” from sell.”
  • Merrill Lynch downgraded Noble (NE) to “underperform” from “neutral.”
  • Atwood Oceanics (ATW) was downgraded by Citigroup to “sell” from “neutral,” and by Iberia Capital from “outperform” to “sector perform.”

Consensus ratings

  • Of the 39 analysts covering Noble (NE), ~13% of them gave the company a “buy,” 54% gave it a “hold,” and 33% gave it a “sell” recommendation.
  • Of the 35 analysts covering Diamond Offshore (DO), 9% gave it a “buy,” 57% gave it a “hold,” and 34% gave it a “sell” recommendation.
  • Of the 31 analysts covering Atwood Oceanics (ATW), 3% gave it a “buy,” ~22% gave the company a “hold,” and about 78% gave it a “sell.”
  • Of the 27 analysts covering Seadrill (SDRL), none gave the company a “buy,” 56% gave it a “hold,” and 30% gave it a “sell” recommendation.
  • Of the 37 analysts covering Transocean (RIG), only 11% gave it a “buy,” 46% gave it a “hold,” and 43% gave it a “sell.”
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