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Barclays Downgrades 2 Offshore Drillers, Revises Target Prices

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On January 24, 2018, Barclays revised its target prices for many offshore drilling stocks (XLE). Let’s look at those revisions along with the consensus target prices and potential gains and losses related to those target prices.

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Ensco

Barclays reduced Ensco’s (ESV) target price to $4 from $6. The consensus 12-month target price for Ensco is $7.83. The target price implies a potential upside of 18.6% from the market price of $6.60 as of January 26, 2018.

Transocean

Barclays reduced the target price for Transocean (RIG) to $7 from $9. The consensus 12-month target price for Transocean is $12.59. The target price implies a potential upside of 12.8% from the market price of $11.16 as of January 26, 2018.

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Rowan Companies

Barclays downgraded Rowan Companies (RDC) to “underweight” from “equal weight” and reduced the target price to $10 from $14. The consensus 12-month target price for RDC is $15.50. The target price implies a potential downside of 0.45% from the market price of $15.60 as of January 26, 2018.

Diamond Offshore Drilling

Barclays downgraded Diamond Offshore Drilling (DO) to “underweight” from “equal weight” and reduced the target price to $13 from $15. The consensus 12-month target price for DO is $14.69. The target price implies a potential downside of 22.9% from the market price of $19.06 as of January 26, 2018.

Noble Corporation

Barclays reduced the target price for Noble Corporation (NE) to $4 from $5. The consensus 12-month target price for NE is $4.60. The target price implies a potential downside of 7.9% from the market price of $5.04 as of January 26, 2018.

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