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Jefferies Revises Ratings and Target Prices for Offshore Drillers

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Revisions

In Week 25, which ended on June 22, Jefferies downgraded one offshore driller and revised the target prices for others.

Week 25

On June 21, Jefferies downgraded Noble Corporation (NE) to a “hold” and reduced the target price to $5. On the same day, Jefferies raised Transocean’s target price to $15 and maintained a “buy” rating for the stock. Jefferies raised Ensco’s (ESV) target price to $6 and maintained a “hold” rating. Rowan Companies’ (RDC) target price was raised to $1.60.

None of the analysts revised their target prices or recommendations for offshore drillers in Week 24.

Week 23

In Week 23, HSBC raised Transocean’s (RIG) target price to $15.20 from $11.80 and maintained a “buy” rating. It downgraded Ensco (ESV) to a “hold” from a “buy” and raised its target price to $7.40 from $6.20. HSBC also raised Noble’s (NE) target price to $6.80 from $5.60 and maintained a “buy” rating. It maintained Diamond Offshore Drilling’s (DO) “hold” rating and increased the target price to $18.80 from $15.50.

Bernstein raised Transocean’s target price to $12 from $11. It raised Noble’s target price to $5 from $4.

Week 22

In Week 22, Credit Suisse downgraded Noble to “neutral” from “outperform.”

Week 21

In Week 21, Wells Fargo raised Diamond Offshore Drilling’s target price to $22 from $17. It raised Ensco’s target price to $7 from $5 and raised Transocean’s target price to $13 from $11. Wells Fargo also raised Noble’s target price to $5.50 from $4.

Week 20

In Week 20, none of the analysts revised their target prices or recommendations for offshore drilling stocks.

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