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Why Analysts Are More Optimistic about Offshore Drilling Stocks

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Why Analysts Are More Optimistic about Offshore Drilling Stocks PART 1 OF 3

Transocean and Atwood Were Best Performers among Peers Last Week

Offshore drilling stocks

In the week ending September 29, 2017, almost all of the offshore drilling stocks traded in the green. Transocean and Atwood Oceanics were the best performers, while Seadrill, which traded in the red was the worst performer in week 39.

Transocean and Atwood Were Best Performers among Peers Last Week

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Stock performance

Below are the stock returns of offshore drilling (OIH) companies on September 29, 2017, compared to their prices a week ago:

  • Seadrill (SDRL) fell 10.3%.
  • Transocean (RIG) rose 15.5%.
  • Noble (NE) rose 11.4%.
  • Diamond Offshore (DO) rose 9.3%.
  • Rowan Companies (RDC) rose 12.6%.
  • Atwood Oceanics (ATW) rose 15.8%.
  • Ensco (ESV) rose 13.9%.
  • Seadrill Partners (SDLP) fell 0.27%.

The VanEck Vectors Oil Services ETF (OIH), which has 22.3% of its holdings in oil and drilling stocks, rose 3.4% during the same week. Last week, as well as the full month of September, were good for offshore drillers.

Rig count

The US offshore rig count for the week ending September 29, 2017, was 22, up by three from the previous week. Compared to the same period last year, the US offshore rig count is the same.

The total US rig count (oil and natural gas rigs) was 940 for the week ending September 29, five higher than the previous week and significantly higher than the 418 rigs reported for the same period last year. The total US oil rigs recorded were 750, up six from the previous week.

Series overview

Offshore drilling stocks rose in the previous week as UBS upgraded offshore drillers and Jefferies revised target prices for these companies. In the next two articles, we’ll look at these upgrades and revisions in depth.

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