Sue Goodridge
Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.
More From Sue Goodridge
Jefferies and Susquehanna Revised Target Prices for Ensco
In Week 30, which ended on July 27, analysts revised their target prices for Ensco after its second-quarter results.
US Offshore Rig Count Fell by Two in Week 30
The US offshore rig count in Week 30, which ended July 27, was 16, one less than the previous week and eight less YoY (year-over-year).
Seadrill: Best Performer among Peers Last Week
Offshore drilling stocks had mixed returns in Week 30, which ended July 27. The best performer was Seadrill (SDRL).
Must-Know Highlights from Transocean’s Q2 2018 Results
Transocean (RIG) released its second-quarter results yesterday after the markets closed. Let’s take a look.
Evercore Downgraded DHT and Revised Companies’ Target Prices
In week 30, the week ending July 27, Evercore downgraded one crude tanker company and revised other companies’ target prices.
Bunker Fuel Prices and Crude Oil Prices Fell in Week 30
For the week ending July 27, oil prices rose 2%. Oil prices were supported by EIA’s (U.S. Energy Information Administration) weekly report.
VLCC Rates Rose, Suezmax Rates Fell in Week 30
According to Weber’s report, the Suezmax rates on the West Africa-UK route fell from $7,184 to $6,451 per day on July 20–27.
How Did the Crude Tanker Industry Fare in Week 30?
In week 30, the week ending July 27, the BDTI rose to 759 from 723. The BDTI has risen ~8.4% in 2018.
Analyzing Ensco’s Backlog and Contracts
As of June 30, Ensco (ESV) had a total contracted backlog of $2.3 billion—compared to $2.8 billion as of December 31, 2017.
Ensco’s Capex Guidance for the Second Half of 2018
In the first half of 2018, Ensco had negative cash flows from operations of $18 million—compared to its positive cash flow of ~$130.5 million the previous year.
Ensco Stock Rose 6% after Its Second-Quarter Results
Ensco’s second-quarter revenues were 2.45% higher than expected. The company’s EBITDA was 11.6% higher than the consensus estimates.
Why Diamond Offshore Stock Rose More than 5% this Morning
Diamond Offshore released its second-quarter results today before the markets opened. Let’s take a look.
What You Need to Know before Transocean’s Q2 2018 Earnings
Transocean (RIG) is set to release its second-quarter results today after the markets close. Let’s see what analysts expect.
Snapshot: Dynagas LNG Partners’ Q2 Results
Dynagas LNG Partners (DLNG) released its Q2 on July 27. DLNG reported net income of $0.4 million and adjusted net income of $4.5 million.
China’s PMI in June Impacts the Crude Tanker Industry
China released its June PMI on July 1. In June, China’s manufacturing PMI was 51.5. The PMI fell 0.4% from the previous month.
China’s June Data Impact the Crude Tanker Industry
China (FXI) released its key economic data for June—import and export data, auto sales data, and the manufacturing index.
Navios Maritime Midstream Partners: Q2 2018 Highlights
Navios Maritime Midstream Partners (NAP) released its second-quarter results today. The company earned revenue of $20.8 million.
GasLog Partners in Q2 2018: Beats Revenue, EBITDA Estimates
GasLog Partners (GLOP) released its second-quarter earnings today before the markets opened.
Highlights from Ensco’s July Fleet Status Report
Ensco (ESV) released its quarterly fleet status report on July 19. Ensco 8503 secured a 100-day contract with Talos Energy in the US Gulf of Mexico.
Ensco Is Trading in the Green after Three Years
Ensco stock is finally trading in the green in 2018. As of July 24, Ensco has a YTD (year-to-date) return of 14.2%.
Morgan Stanley Revised NAT and DHT’s Target Prices
On July 17, Morgan Stanley raised Nordic American Tankers’ (NAT) target price to $2.5 from $2.25.
Where Did Bunker Fuel Prices Head in Week 29?
On July 12–19, bunker fuel’s average price fell to $478.5 per ton from $504 per ton. The bunker fuel prices at Rotterdam fell to $416 per ton.
VLCC and Suezmax Rates Rose in Week 29
According to Weber’s weekly report, the VLCC (very large crude carrier) demand was stronger in week 29, which led to a rebound in VLCC rates.
Crude Tanker Stocks Fell in Week 29
The BDTI can be used to assess the crude tanker industry. In week 29 (week ending July 20), the BDTI fell from 744 to 723.
Transocean’s New Contracts with ConocoPhillips and Chevron
Transocean’s (RIG) ultra-deepwater semi-submersible GSF Development Driller I has secured an 11-well contract with Chevron (CVX) in Australia.
Offshore Drilling Rig Count and Stocks Fell in Week 29
In Week 29, which ended on July 20, all offshore drilling stocks traded in the red. Seadrill (SDRL) fell the most.
How Analysts Rate Noble, Pre-Q2 2018 Results
Analysts’ consensus rating for Noble is 3.2 on a scale of 1 (“strong buy”) to 5 (“strong sell”), meaning “hold.”
Q2 2018 Results: Analysts’ Expectations for Golar LNG Partners
According to Reuters, ten analysts have given recommendations on Golar LNG Partners (GMLP). The consensus rating on the stock is a “buy.”
Analysts Expect an 89% Rise in Teekay’s Q2 2018 Earnings
Eight analysts have given recommendations on Teekay LNG Partners. Of these, 37% of analysts are bullish.
Recommendations and Estimates for GasLog before Its Q2 Results
According to Reuters, the consensus rating for GasLog (GLOG) is 2.08, which means a “buy” on a scale of one (strong buy) to five (strong sell).
Four Analysts Revised Target Prices for Offshore Drilling Companies
In Week 28, RBC Capital, BMO, Evercore, and Susquehanna revised target prices for offshore drilling companies.
Noble Secures Contract with Encana and Total
According to Noble’s latest fleet status report, the company has secured two contracts and one contract extension for its jackup rigs.
A Look at Bunker Fuel Prices Last Week
Between July and July 12, bunker fuel’s average price fell to $504 from $505.25 per ton.
VLCC and Suezmax Rates Fall
According to Charles R. Weber’s weekly report, VLCC (very large crude carrier) demand across all key global markets was muted last week, softening rates.
Diamond Offshore Has the Most ‘Sell’ Ratings among Peers
In this part of our series, we’ll compare Wall Street analysts’ consensus ratings for the offshore drilling companies we’ve been analyzing.
Offshore Drilling Companies’ Technical Indicators
Earlier in this series, we analyzed and compared the business fundamentals of different offshore drilling companies. Now we’ll look at the technical indicators for these offshore drillers (XLE).
Comparing Offshore Drilling Companies’ Dividend Yields
Dividend yield indicates how much a company pays in dividends relative to its share price. It’s calculated as the dollar value of dividends as a percentage of the stock price.
Comparing Offshore Drilling Companies’ Liquidity
Along with a company’s long-term solvency, it’s important to look at its liquidity position.
Which Offshore Drillers Have the Highest and Lowest Leverage?
Offshore drilling (XLE) companies are capital-intensive, so looking at their financial leverage is very important. The debt-to-equity ratio and net debt-to-EBITDA ratio show these companies’ financial leverage.
Transocean Has the Highest Backlog among Its Peers
In the last part of this series, we saw which offshore drillers had the highest and lowest falls in their backlogs. In this article, we’ll compare offshore drillers’ backlogs versus their revenues.
Transocean: The Lowest Drop in Backlog among Peers
Toward the end of 2014, oil prices took a dip and the offshore drilling industry entered into a brutal downturn. Since then, offshore drilling companies have had a hard time securing contracts.
Tsakos Energy Navigation: Analysts’ Views before Q2 2018 Results
The consensus 12-month target price for Tsakos Energy Navigation is $5.05, which implies a potential upside of 44.7% from its market price on July 12.
Analysts’ Estimates before Euronav’s Q2 2018 Results
The consensus 12-month target price for Euronav is $10.89, which implies a potential upside of 22.36% from its market price on July 12.
Week 26: Analysts’ Ratings for Crude Tanker Companies
In week 26, which ended on June 29, none of the analysts revised their recommendations or target prices for crude tanker companies.
Week 26: Crude Tanker Industry Update
In week 26, which ended on June 29, the BDTI fell from 754 to 712. In week 25, the index dropped by one point.
Why Seadrill Stock Fell 52% on July 2
Seadrill (SDRL) stock fell to a 52-week low of $0.10 on July 2—a fall of 52.5% from the previous day’s closing price.
NAT, EURN, TNK: Which One Do Analysts Like the Most?
Analysts’ consensus rating for Nordic American Tankers (NAT) is 3.33, which means a “hold.”
Euronav Takes Fourth Place among Crude Tanker Stocks This Year
Euronav’s (EURN) YTD (year-to-date) returns were -1% as of June 28.
NAT Is the Third Best Crude Tanker Stock Performer
Nordic American Tankers’ (NAT) YTD (year-to-date) returns were 7% as of June 28.
DHT Holdings Is the Top Crude Tanker Stock So Far This Year
DHT Holdings’ YTD returns stood at 30.6% as of June 28. The stock is the best performer among its peers so far this year.
Analysts Rate Golar LNG, GasLog, and Teekay LNG Partners
About 92.0% of the analysts tracking Golar LNG recommended a “buy” or some equivalent on June 26.
Teekay LNG Partners Ranks Fifth among Its Peers Year-to-Date
Teekay LNG Partners reported its first-quarter results in May, posting net income of -$6.9 million.
GasLog: Fourth-Ranked Stock among Its Peers Year-to-Date
GasLog earned revenues of $138.5 million in the first quarter compared to $128.3 million a year ago.
How GasLog Partners Stock Compared to the Broad Market Indexes
GasLog Partners earned revenues of $77.1 million in the first quarter—a 0.37% sequential fall and a 35.2% rise year-over-year.
Höegh LNG Partners: The Best-Performing LNG Carrier Stock in 2018
This series ranks the top five LNG carrier stocks on a YTD basis. Höegh LNG Partners led the pack with a YTD return of ~-2.4% on June 26.
Analysts’ Forecast for Crude Tanker Companies’ Q2 Earnings
Previously, we discussed analysts’ recommendations for crude tanker stocks. Let’s now compare analysts’ revenue and EBITDA estimates for these companies in Q2 2018.
These Crude Tanker Companies Had Positive Free Cash Flow in Q1
Previously, we discussed crude tanker companies’ EBITDA. In this article, we’ll discuss their FCF (free cash flow).
Comparing Euronav’s, Frontline’s, and Teekay Tankers’ Earnings
Previously, we compared five crude tanker companies’ Q1 2018 revenue. In this article, we’ll look at their Q1 2018 EBITDA.
A Look at Crude Tanker Companies’ Q1 Revenue
In this article, we’ll compare five crude tanker companies’ Q1 2018 revenue.
Comparing Crude Tanker Companies’ Time Charter Equivalent Rates
In this series, we’ll compare crude tanker companies’ performance and their outlook for future quarters.
A Close Look at the International Offshore Rig Count
In May, the international offshore rig count was 198, up by four from 194 in April.
Crude Tankers: Wells Fargo’s Revised Recommendations
On June 18, Wells Fargo upgraded DHT Holdings (DHT), Frontline (FRO), and Teekay Tankers (TNK) to “outperform.”
Suezmax and VLCC Rates Rose in Week 25
The VLCC fixture tally in the Middle East market was 28 in week 25—a weekly gain of one. In the West Africa market, the VLCC fixture tally was seven.
Week 25: How Did the Crude Tanker Index Perform?
Since the beginning of 2018, the BDTI (Baltic Dirty Tanker Index) has fluctuated between 628 and 781. The year started out with the BDTI at 700.
Why Offshore Drilling Stocks Rose 7%–11% Yesterday
Yesterday, US crude oil surged 3.2% to close at $72.76 per barrel—the highest level since November 2014. Oil prices rose after a significant drop in US crude oil supplies.
How China’s May Crude Oil Imports Affect Crude Tanker Stocks
In dollar terms, China’s (FXI) exports rose 12.6% YoY (year-over-year) while its imports rose 26% in May.
Why China Remains So Important for the Crude Tanker Industry
China, which has the second-largest economy in the world, also has a significant impact on the crude oil tanker industry.
Jefferies Revises Ratings and Target Prices for Offshore Drillers
In Week 25, which ended June 22, Jefferies downgraded one offshore driller and revised the target prices for others.
On June 22, Offshore Drilling Stocks Rose on Volume Spike
On June 22, three offshore drilling stocks traded at unusually high volumes, which led to prices rising.
Offshore Drillers: Analysts’ Second-Quarter Revenue Estimates
Transocean’s (RIG) estimated second-quarter revenues are $764.5 million—15% above the previous quarter and 7.5% higher YoY.
Analyzing Offshore Drilling Companies’ First-Quarter EBITDA
In the first quarter, Ensco’s EBITDA fell to $91.3 million from $98.4 million in the fourth quarter of 2017. The first-quarter EBITDA was 45.3% lower YoY.
Comparing Ensco’s Backlog with Transocean and Diamond Offshore
As of March 31, Ensco (ESV) had a total contracted backlog of $2.7 billion—compared to $3.8 billion as of December 31, 2017.
Euronav’s Updates in Week 24
On June 15, Euronav sold six VLCCs (very large crude carriers) to Seaways. The company sold six vessels for a consideration of $434 million.
Evercore Revised Tsakos Energy Navigation’s Target Price
On June 15, Evercore reduced the target price for Tsakos Energy Navigation to $5 from $6 and maintained an “outperform” rating.
Week 24: Where Was the US Offshore Rig Count Headed?
The US offshore rig count in Week 24, which ended June 15, was 20, the same as the previous week.
All Offshore Tanker Stocks Fell in Week 24
In Week 4, which ended June 15, offshore drilling stocks fell along with oil prices ahead of OPEC ’s meeting scheduled for June 22.
Why Nordic American Tankers Stock Jumped 21% Yesterday
Shares of Nordic American Tankers (NAT) closed at $2.62 on June 18—21.3% higher than the previous day’s closing price.
Analyzing Noble’s June Fleet Status Report
On June 7, Noble (NE) released its June fleet status report. Most of the offshore drilling companies don’t publish a monthly fleet status report.
Analysts’ Recommendations for Golar LNG in June
Golar LNG (GLNG) stock has fallen more than 9% since the start of the year. The stock fell sharply after its first-quarter results.
No Analysts Are Bearish on Golar LNG Partners
In the first quarter, Golar LNG Partners reported net income attributable to unitholders of $14.8 million and operating income of $26.1 million.
Analysts See a 41.9% Upside on Dynagas LNG Partners
In May, Dynagas LNG Partners (DLNG) reported its first-quarter results.
33% of Analysts Are Bullish on Teekay LNG Partners
Nine analysts have given recommendations on Teekay LNG Partners. Of these analysts, 33% are bullish on the stock.
GasLog: Analysts’ Recommendations at the Start of June
A total of 13 analysts have given recommendations on GasLog, and 62% are bullish on the stock.
Week 22: Offshore Rig Count Is Flat from the Previous Week
Most of the offshore drilling stocks traded in the green in the week ended June 1, returning 3.0%–6.5%.
Tsakos Energy Navigation: Earnings Estimate for the First Quarter
Wall Street analysts expect net revenue of $100.8 million for Tsakos Energy Navigation (TNP) in the first quarter.
Analyst Recommendations for Tsakos Energy Navigation before Q1
Tsakos Energy Navigation (TNP) is expected to release its first-quarter results on June 15. The stock has fallen 5.6% YTD as of May 30.
Gener8 Maritime Partners: Analysts Recommend a ‘Buy’
The consensus 12-month target price for Gener8 Maritime Partners is $6.8—a potential upside of 10.4% from the market price of $6.16 on May 25.
Tsakos Energy Navigation: No ‘Sell’ Ratings for 2 Years
According to Reuters, the consensus rating for Tsakos Energy Navigation is two, which means a “buy.”
NAP: Analysts’ Recommendations for May
Navios Maritime Midstream Partners earned revenues of $19.8 million in the first quarter—6.3% lower than the previous year.
DHT Holdings: Analysts Recommend a ‘Buy’
According to Reuters, the consensus rating for DHT Holdings (DHT) is 2.21, which means a “buy.”
Frontline: Analysts’ First-Quarter Estimates
According to Reuters, the consensus rating for Frontline (FRO) is 3.33, which means a “hold.”
Teekay Tankers: Analysts Recommend a ‘Hold’
For Teekay Tankers, one analyst recommended a “strong buy,” two recommended a “buy,” four recommended a “hold,” and one recommended a “sell.”
Golar LNG Partners: Q1 Highlights
Golar LNG Partners (GMLP) released its first-quarter earnings today, reporting net income attributable to unitholders of $14.8 million.
Transocean’s Second-Quarter and 2018 Capex Guidance
In the first quarter, Transocean’s (RIG) cash flow from operations dropped to $103 million from $244 million in the previous quarter.
Transocean’s Second-Quarter and 2018 Cost Guidance
Transocean’s drilling-to-revenue ratio fell to 64% in the first quarter from 66% in the previous quarter. In the first quarter of 2017, the ratio was also 46%.
Transocean’s Stock Performance and Broad Equity Market Indexes
As of May 30, Transocean (RIG) stock had a good run in the last three months. The stock rose more than 37% during this period.
Why Golar LNG Stock Is Down after First-Quarter Earnings
Golar LNG (GLNG) released its first-quarter results today. The company’s stock price was down more than 16% in the early hours of the market.
A Look at Seadrill Partners’ Backlog and New Contracts
Seadrill Partners’ (SDLP) backlog was $1.3 billion on May 24. It fell from $1.5 billion in February.
What Factors Will Affect SDLP’s Second-Quarter Revenue?
In the first quarter, Seadrill Partners’ (SDLP) operating revenue fell to $194.3 million from $256.2 million in the previous quarter.
Seadrill Stock Fell 32% in Week 21
Even after week 21’s fall in stock price, Seadrill still has a whopping 82.8% year-to-date return as of May 25.