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Offshore Drilling Stocks: Mixed Performances in March

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Ensco

As of March 29, 2018, Ensco’s (ESV) stock price has dropped 1.1% since the beginning of the month. The stock is trading 53.7% lower than its 52-week high and 7.1% higher than its 52-week low.

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Transocean and Diamond Offshore

Transocean (RIG) and Diamond Offshore (DO) have positive month-to-date returns. Since the beginning of March, Transocean has posted 8.7% returns—one of the highest returns among its peers. Transocean stock is trading 24.1% lower than its 52-week high and 37.5% higher than its 52-week low. Diamond Offshore stock has risen 1.1% month-to-date.

Other offshore drillers

Noble’s (NE) month-to-date return as of March 29, 2018, is -4.8%. Rowan Companies’ (RDC) month-to-date return is -5.10%. The worst performer in March was Seadrill Partners (SDLP), which fell 16.6%. The VanEck Vectors Oil Services ETF (OIH), which has 22.3% of its holdings in oil and drilling stocks, rose 0.51% during the same period.

In this series

Since March is behind us, it’s important to see if the rig counts increased. Were more drilling permits issued in March? Have analysts revised their recommendations for offshore drilling companies? We’ll answer all of these questions in this series.

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