In the previous part, we discussed that Susquehanna revised the target prices for Transocean (RIG) and Noble (NE). Jefferies revised the target price for Transocean, Noble, and Diamond Offshore (DO) in week 18 (week ending May 4). In this part, we’ll see how analysts revised the target prices and recommendations for other offshore drillers in week 18.
On April 30, Wells Fargo reduced the target price for Ensco (ESV) to $5 from $6. In week 17, Susquehanna reduced the target price for Ensco to $5 from $5.5. Evercore reduced the target price to $7 from $8 and maintained an “outperform” rating. Jefferies raised Ensco’s target price to $5.5 from $5.
The consensus recommendation for Ensco is 2.66, which means a “hold.” The consensus 12-month target price is $6.32, which implies a potential upside of 5.1% from the current price of $6.01.
On May 3, Credit Suisse raised the target price for Rowan Companies to $15 from $14 and maintained a “neutral” rating. On the same day, RBC raised the target price for Rowan Companies to $16 from $14. The consensus recommendation for Rowan Companies is 2.66, which means a “hold.” The consensus 12-month target price for the stock is $14.85, which implies a potential upside of 2.2% from the current market price of $14.53.