Noble Corp PLC
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Oilfield Services Stocks Were the Underperformers Last Week
Last week, oilfield services stock Noble (NE) fell the most among the stocks in the energy space. Other oilfield services stocks Ensco (ESV), Superior Energy Services (SPN), and Nabors Industries (NBR) had the second, third, and fourth largest declines among energy stocks, respectively, last week.
Oilfield Services Stocks Fell the Most in the Energy Sector
On November 30–December 7, Superior Energy Services (SPN) fell the most on our list of energy stocks.
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.
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.
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.
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.
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%.
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.
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.”
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.
US Natural Gas Rigs Are near a Four-Week High
Baker Hughes reported that US natural gas rigs rose by two to 189 on July 6–13—the highest level since June 15.
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’ 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.
Top Energy Gainers Last Week
On July 6–13, upstream stock Sanchez Energy (SN) saw the highest gain on our list of energy stocks.
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.
Top Energy Gainers Last Week
Between June 15 and June 22, upstream stock Denbury Resources (DNR) was the top gainer on our list of energy stocks.
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.
US Natural Gas Rigs Fell to a Ten-Week Low
Baker Hughes reported that the US natural gas rig count fell by four to 194 on June 8–15—the lowest level since April 13.
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.
Why Rising Oil Prices Should Boost Oil Services Companies
Research conducted here at VanEck has identified that oil price and the S&P 500 Index can be used to explain most of the performance of oil services stocks historically.
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.
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.
Wells Fargo Upgrades Rowan Companies to ‘Outperform’
RDC’s analyst recommendations Analysts’ consensus rating for Rowan (RDC) is 2.6, which means a “hold.” Peers Transocean (RIG), Diamond Offshore (DO), Noble (NE), and Ensco (ESV) also have “hold” ratings. Of the 31 analysts covering Rowan (RDC), 39% recommend “buy” or some equivalent, 55% recommend “hold,” and 6% recommend “sell.” Among the top offshore drilling stocks […]
Analysts Love Ensco: A Closer Look
In this series, we’ll discuss analysts’ ratings and recommendations for offshore drillers.
What You Need to Know about Noble’s May Fleet Status Report
According to Noble Corporation’s latest fleet status report, the company has secured two new contracts.
Is a Jack-Up Recovery Coming?
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.
Analysts’ Revisions for Ensco and Rowan Companies
On April 30, Wells Fargo reduced the target price for Ensco to $5 from $6. In week 17, Susquehanna reduced the target price for Ensco to $5 from $5.5.
Estimates and Recommendations for Ensco ahead of 1Q18 Earnings
Of the 32 analysts covering Ensco (ESV), 44% recommend a “buy” or equivalent for the stock.
Analysts’ Revisions for Offshore Drilling Stocks
None of the analysts revised their recommendation or target prices for offshore drilling stocks in week 12.
Ensco’s 4Q17 Earnings Compared to Transocean and Diamond Offshore
In 4Q17, Ensco’s EBITDA fell to $98.4 million from $149.5 million in 3Q17. The company’s EBITDA was 48% lower than its 4Q16 EBITDA of $190.0 million.
Which Offshore Drilling Company’s Backlog Rose from 4Q17?
As of February 19, 2018, Transocean (RIG) had a backlog of $12.8 billion—up from $9.4 billion in October 2017.
Rowan Companies: Fighting the Downturn
As of December 31, 2017, Rowan Companies has long-term debt of $2.5 billion. The company doesn’t have any debt maturities in 2018.
Rowan Companies’ Provided Its 2018 Capex Guidance
In 4Q17, Rowan Companies’ (RDC) capital expenditure or capex was $22 million. The capex was lower than the previous estimate.
Dissecting Rowan Companies’ Backlog
As of February 13, 2018, Rowan Companies (RDC) had a backlog of $456 million—down from $1.7 billion in February 2017.
Rowan Companies: Analyzing Its 4Q17 Revenue
Rowan Companies’ total drilling revenue for 4Q17 was $296 million—1.7% higher than $291 million in 3Q17.
Week 10: Offshore Drilling Industry Update
Rowan Companies had the worst YTD returns as of March 9, 2018. The stock has fallen 23.2% since the start of the year.
A Detailed Look at Ensco’s Backlog
As of December 31, 2017, Ensco (ESV) had a total contracted backlog of $2.8 billion compared to $3.6 billion as of December 30, 2016.
Drilling into Ensco’s 4Q17 Revenues and Expectations for 1Q18
Ensco expects its 1Q18 revenues to fall 8.0% quarter-over-quarter due to lower revenues from Ensco DS-7 and Ensco DS-6.
Seadrill Partners: How the Backlog Looks after 4Q17
Seadrill Partners’ (SDLP) backlog was $1.5 billion on February 22, 2018. It fell from $1.7 billion in November 2017.
Transocean’s Backlog and Contracts
As of February 19, 2018, Transocean (RIG) had a backlog of $12.8 billion—up from $9.4 billion in October 2017.
Inside Rowan Companies’ 4Q17 Earnings Estimate
Analysts expect a fall in Rowan Companies’ (RDC) EBITDA (earnings before interest, tax, depreciation, and amortization).
Jefferies Revises Target Prices for Diamond Offshore, Noble
Article focus In this article, we’ll discuss analysts’ target price revisions for offshore drilling companies in Week 8 of 2018 (ended February 23). Revisions in Week 8 Jefferies revised its target prices for two offshore drillers. On February 21, 2018, it reduced the target price for Transocean (RIG) to $12 from 413 and maintained a […]
Diamond Offshore: Target Prices after Its 4Q17 Results
On February 13, UBS reduced the target price on Diamond Offshore to $20 from $22. Simmons reduced the target price to $9.35 from $10.
How Diamond Offshore’s Debt Profile Stands after 4Q17
As of December 31, 2017, Diamond Offshore had long-term debt of $1.97 billion—compared to $1.98 billion in the previous year.
Analyzing Diamond Offshore’s 4Q17 Revenues
Diamond Offshore Drilling’s total 4Q17 drilling revenue was $338 million—a fall of almost 6% from $357 million in 3Q17.
Shallow Water Drilling Permits Rose, Deepwater Permits Fell
In December 2017, no drilling permits were issued in the Gulf of Mexico’s shallow waters. In November, one drilling permit was issued.
Rowan Companies: 4Q17 Analyst Estimates and Recommendations
Of the 33 analysts covering Rowan Companies (RDC), 30% recommend a “buy” or some equivalent for the stock, while 61% recommend a “hold.”
Analyst Recommendations for Transocean before 4Q17 Results
Of the 34 analysts covering Transocean, 44% recommend a “buy” or some equivalent for the stock, while 32% recommend a “hold.”
Barclays Downgrades 2 Offshore Drillers, Revises Target Prices
On January 24, 2018, Barclays revised its target prices for many offshore drilling stocks (XLE).
Noble Corporation’s Latest Fleet Status Report
At the end of the third quarter, Noble Corporation’s backlog stood at $3.18 billion—down 1% from the previous quarter.
Noble’s Analyst Recommendations at the Start of 2018
Noble (NE) was the third-best performer among top offshore drillers in terms of market returns in 2017.
Is Analyst Sentiment toward Ensco Turning Bullish?
Of the 32 analysts covering Ensco, 47% recommend a “buy” or some equivalent for ESV stock.
Jefferies, Citigroup Revised Their Offshore Stock Recommendations
In the week ended January 5, 2018, Jefferies and Citigroup revised their target prices and recommendations for offshore drilling stocks.
Offshore Drilling Stocks Start 2018 on a Good Note
In the week ended January 5, 2018, all offshore drilling stocks traded in the green. Noble Corporation (NE) was the best performer among its offshore drilling peers.
Will Crude Oil Futures and S&P 500 Move in the Same Direction?
February US crude oil (UWT) (USL) futures contracts rose 0.5% to $61.73 per barrel on January 8. Prices are near the highest level since December 2014.
Transocean’s Updates from the Previous Week
On December 21, 2017, Transocean (RIG) announced that it had secured a 22-well contract for its harsh environment semisubmersible, the Transocean Spitsbergen, with Statoil.
RBC Revised Its Target Prices for Offshore Drillers Last Week
In this article, we’ll take a look at RBC Capital’s revised target prices for three offshore drillers (IYE).
How Many Drilling Permits Were Issued in November?
In November 2017, one drilling permit was issued in the shallow waters of the Gulf of Mexico.
Noble: 3rd-Best Performing Stock in the Offshore Drilling Space
Noble Corporation (NE) is the third-best-performing stock among its peers, behind Diamond Offshore Drilling (DO) and Rowan Companies (RDC).
Rowan Companies: The 2nd-Best Performing Offshore Drilling Stock
Rowan Companies’ (RDC) year-to-date return was -22.6% as of December 12, 2017. The stock has underperformed its peer Diamond Offshore Drilling (DO).
Diamond Offshore Drilling: Best Offshore Drilling Stock in 2017
Diamond Offshore Drilling’s (DO) YTD (year-to-date) returns were -3.5% as of December 12, 2017.
Cobalt International Energy Outperformed Oil Prices Last Week
On November 24–December 1, 2017, Cobalt International Energy (CIE) rose the most among energy stocks.
Offshore Drilling Rig Count Rose by 3 Last Week
The US offshore rig count for the week ending November 17, 2017, was 21—three higher than the previous week.
Analysts Revised Target Prices for RIG, RDC, and NE
In the week ending November 10, 2017, analysts revised target prices for Transocean (RIG), Rowan Companies (RDC), and Noble (NE).
Transocean Gives Capex Guidance for 2017 and 2018
Cash flow Operating cash flow represents cash flow from a company’s core operations. In 3Q17, Transocean’s (RIG) cash flow from operations rose to $384 million from $319 million in the previous quarter. Capital expenditure Transocean’s capex stood at $128 million in 3Q17. The expenditure was mainly related to the company’s contracted newbuild drillships. In 2Q17, its capex was $136 million. In […]
Diamond Offshore Drilling Provides 2017 Capex Guidance
For the first nine months of 2017, Diamond Offshore incurred $100 million in capex (capital expenditure), mainly related to rig equipment and replacements.
Drilling into Diamond Offshore’s 3Q17 Results
Diamond Offshore Drilling’s (DO) revenue fell 8% in 3Q17 to $366 million, compared with $399 million in the previous quarter. Its adjusted EBITDA also fell quarter-over-quarter.
Oil Prices above $60: What It Means for Offshore Drilling
Oil prices are above $60 per barrel after almost two years. On October 30, Brent crude oil prices were $60.10 per barrel.
Analysts Revised Transocean’s Target Price in October
Of the 35 analysts, one analyst gave Transocean a “strong buy,” 11 analysts gave a “buy” recommendation, and 15 analysts gave a “hold” recommendation.
Analysts Estimate a 22.3% Fall in Transocean’s 3Q17 Revenue
For Transocean, analysts project revenue of just over $701 million in 3Q17—a 1.4% fall from its revenue of $711 million in 2Q17 and a 22.3% fall YoY.
Why Analysts Expect a Rise in Diamond Offshore’s 3Q17 Revenue
Previously in this series, we saw that most analysts rate Diamond Offshore Drilling (DO) a “hold.” In this part of our series, we’ll see how analysts view Diamond Offshore Drilling’s 3Q17 revenues and EBITDA.
Updates on Ensco’s Acquisition of Atwood Oceanics
The uncertainty hovering around the Ensco-Atwood Oceanics merger for more than four months has at last come to a halt.
Offshore Drillers’ View on the Industry’s Outlook
Atwood Oceanics (ATW) expects the offshore drilling industry to remain challenging for at least the next year. However, it’s optimistic about a comeback.
Jefferies Revised Target Prices for Offshore Drilling Stocks
Jefferies raised the target price for Rowan Companies (RDC) to $13 and maintained a “hold” rating.
Transocean and Atwood Were Best Performers among Peers Last Week
In the week ending September 29, 2017, almost all of the offshore drilling stocks traded in the green.
Oil Prices Hit 2-Year High: What It Means to Drilling Industry
The fate of the offshore drilling industry is closely tied to oil prices.
Whiting Petroleum Was the Top Energy Gainer Last Week
On September 8–15, 2017, upstream company Whiting Petroleum (WLL) outperformed the energy sector stocks.
Diamond Offshore Stock Best among Peers: What Analysts Say
Due to the brutal industry downturn, all offshore drilling (OIH) stocks have taken a hit. All stocks in the industry gave negative returns in 2016.
Seadrill’s 2Q17 Costs Up and EBITDA Down
As the chart below shows, Seadrill’s (SDRL) vessel operating expenses fell $22 million from $243 million in 2Q16 to $226 million in 2Q17.
What Investors Should Know about Seadrill’s Latest Contracts
A company’s backlog helps gauge its future revenue. On August 24, 2017, Seadrill (SDRL) had a backlog of $3.1 billion.
Atwood Oceanics: New Contracts and Analyst Revisions
Atwood Oceanics has secured a one-well contract extension on its ultra-deepwater rig Atwood Achiever.
Seadrill Partners Stock Rose 17.9% in the Last Trading Session
Seadrill Partners (SDLP) stock closed at $3.15 on August 17, 2017. The stock rose 17.9% in one day, which brought its YTD (year-to-date) return to -25%.
Transocean Secured New Contracts
As of July 25, 2017, Transocean (RIG) had a backlog of $10.2 billion—compared to $10.8 billion in April 2017.
Transocean’s Views on Offshore Drilling Outlook
Transocean’s long-term view of the offshore drilling market, especially for the high-specification floaters, is positive.
Analyzing Transocean’s 2Q17 Earnings
Transocean’s (RIG) revenue exceeded analysts’ revenue estimates by 0.5% in the second quarter. However, it missed the earnings estimate.
Why Ensco Expects a Spike in 3Q17 Drilling Costs
Ensco’s (ESV) drilling expenses were $291 million in 2Q17, down from $350 million in 2Q16 but higher than the previous quarter’s $278 million.
Why Moody’s Downgraded Rowan Companies ahead of 2Q17 Results
The consensus 12-month target price for Rowan Companies is $14.59, which implies a potential upside of 25.6% from the market price of $11.6 on July 28, 2017.
Jefferies and Credit Suisse Cut Diamond Offshore’s Target Price
In this article, we’ll look at the recent changes analysts have made to Diamond Offshore Drilling’s target prices and recommendations.
Will Diamond Offshore’s Revenue Rise in 2Q17?
Wall Street analysts expect revenue of just over $380 million for Diamond Offshore Drilling in 2Q17. This revenue would represent a 1.6% rise from DO’s revenue of $374 million in 1Q17.
Which Energy Stocks Captured Oil’s Gains Last Week?
Last week, oilfield services and equipment stock Tidewater (TDW) rose the most among the energy stocks that made up AMLP, OIH, XLE, and XOP.
Atwood Oceanics: Analysts’ Recent Changes
According to Reuters, 23 analysts give recommendations on Atwood Oceanics. The stock has a consensus rating of three, which indicates a “hold.”