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Top Energy Declines Last Week
On January 25–February 1, oilfield services stock Diamond Offshore Drilling (DO) fell the most among our set of selected energy stocks.
These Stocks Outperformed the Energy Space Last Week
Between January 18 and January 25, oilfield services stock Weatherford International rose the most among the energy stocks under review in this series.
Last Week, Upstream Stocks Outperformed the Energy Space
Between January 11 and January 18, oilfield services stock Rowan Companies (RDC) rose the most among the energy stocks under review in this series.
Upstream and Oilfield Services Stock Fell Last Week
On December 7–14, upstream stock Carrizo Oil & Gas (CRZO) fell the most on our list of energy stocks.
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.
Why Oilfield Services Stocks Led the Energy Space Last Week
Between September 14 and 21, upstream stock Southwestern Energy Company (SWN) gained the most on our list of energy stocks.
Midstream Stocks Were the Outliers Last Week
Between August 31 and September 7, oilfield services stock Rowan Companies (RDC) saw the highest gain on our list of energy stocks.
How Do US Gasoline Inventories Impact Oil Futures?
The EIA reported that US gasoline inventories decreased by 2.5 MMbbls to 231 MMbbls on July 20–27. However, the inventories increased 1.4% YoY.
A Snapshot of Rowan Companies’ Q2 2018 Results
Rowan Companies (RDC) released its second-quarter results on August 1 before the markets opened. The company reported a net loss of $76.7 million.
Transocean: Updates from Week 30
In Week 30, which ended on July 27, Transocean (RIG) released its quarterly fleet status report.
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).
What You Need to Know Before Rowan Companies’ Q2 2018 Results
Rowan Companies (RDC) is set to release its second-quarter results tomorrow (August 1) before the markets open. Let’s see what analysts expect.
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.
Jefferies Revised Ensco’s Target Price
On July 26, Jefferies raised Ensco’s target price to $6.5 from $6 and maintained a “hold” rating on the stock.
Ensco’s Financial Health after Its Second-Quarter Results
As of June 30, Ensco (ESV) had long-term debt of $5 billion—compared to $4.7 billion at the beginning of 2018.
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.
How Did Ensco’s Earnings Fare in the Second Quarter?
Ensco’s EBITDA margin for the second quarter is 18.8%—up from 15.3% in the previous quarter and down from 28.7% in the second quarter of 2017.
Ensco’s Revenues Rose 10% in the Second Quarter
Ensco (ESV) expects its third-quarter revenues to be $425 million—a decrease of 7% sequentially.
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.
Ensco’s Second-Quarter Earnings: Must-Read Highlights
Ensco (ESV) released its second-quarter results yesterday after the markets closed. The company reported a loss $0.35 per share.
Ensco: Analysts’ Recommendations and Technical Indicators
Of the 29 analysts covering Ensco (ESV), 45% are bullish on the stock—three analysts recommend a “strong buy” and ten analysts recommend a “buy.”
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 before Its Second-Quarter Results
Ensco (ESV) is scheduled to release its second-quarter earnings on July 26. The company’s second-quarter revenues are expected to be ~$447.6 million.
Rowan Companies: Updates for Week 29
Rowan Companies’ jack-up Bob Palmer got a lease with ARO Drilling in a three-year contract with Saudi Aramco.
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.
US Natural Gas Rigs Hit a Three-Week Low
For the week ended July 20, natural gas rigs have risen 131.0% since the lows on August 26, 2016.
US Crude Oil Rigs Approach a Two-Month Low—What’s Next?
Active WTI crude oil futures decreased 1.0% to $70.46 per barrel from July 13 to July 20.
Which Oilfield Services Stocks Fell Last Week?
On July 13–20, oilfield services stock Rowan Companies (RDC) saw the largest decline on our list of energy stocks.
Analysts’ Take On Rowan Companies, Pre-Q2 Results
In this series, we’ve looked at analysts’ recommendations for Diamond Offshore Drilling, Ensco, Transocean, and Noble.
What Analysts Expect for Transocean
Analysts’ consensus rating for Transocean (RIG) is 2.66, which means a “hold” on a scale of 1 (“strong buy”) to 5 (“strong sell”).
Analysts’ Forecasts for Diamond Offshore’s Upcoming Q2 Results
Of the 28 analysts covering Diamond Offshore Drilling (DO), only 14% recommend some form of “buy,” ~40% recommend “hold,” and 46% recommend “sell.”
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.”
Analysts’ Q2 Recommendations and Estimates for Ensco
Of the 29 analysts covering Ensco (ESV), 45% recommend some form of “buy,” ~41% recommend “hold,” and 14% recommend “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.
Moody’s Downgraded Rowan Companies
According to Moody’s, the rating downgrade reflects Rowan Companies’ deteriorating credit metrics.
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 Offshore Rig Count Remained Steady Last Week
The US offshore rig count in Week 28, which ended July 13, was at 19, the same as the previous week and two rigs lower YoY (year-over-year).
Is President Trump Helping Crude Oil Bulls or Bears?
WTI crude oil prices fell 8.2% on June 29–July 17. August WTI oil futures contracts rose 0.03% to $68.08 per barrel on July 17.
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.
Comparing Offshore Drilling Credit Ratings
Credit ratings can change over time as the outlook for the industry and companies changes. But changes in credit ratings can lag the market.
Top Energy Gainers Last Week
On July 6–13, upstream stock Sanchez Energy (SN) saw the highest gain on our list of energy stocks.
US Natural Gas Rigs near a Four-Month Low
Baker Hughes, a GE company (BHGE), published its US natural gas rig report on July 6, reporting that the rig count was flat at 187 between June 29 and July 6, its lowest level since March 2.
US Crude Oil Rig Count Hits a Three-Year High
Baker Hughes, a GE company (BHGE), published its US crude oil rig count report on July 6, indicating that the US crude oil rig count rose by five last week to 863, its highest level since March 2015.
The Top Energy Decliners in the Week Ended July 6
During the week ended July 6, US crude oil August futures and natural gas August futures fell 0.5% and 2.3%, respectively.
US Gasoline Inventories Help Gasoline Futures
US gasoline futures rose 0.6% to $2.13 per gallon on July 5 due to the larger-than-expected drop in gasoline inventories.
Saudi Arabia’s Crude Oil Production Could Hit a New Record
Reuters estimates that Saudi Arabia’s crude oil production increased by 700,000 bpd to 10,700,000 bpd in June—compared to the previous month.
OPEC’s Crude Oil Production Rose in June
On July 2, a Reuters survey showed that OPEC’s crude oil production increased by 320,000 bpd (barrels per day) to 32,320,000 bpd in June.
Latest Target Price Revisions for Noble and Rowan Companies
On May 21, Jefferies downgraded Noble Corporation (NE) to a “hold” and reduced its target price to $5.
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.
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.
US Gasoline Futures Rose despite Higher Gasoline Inventories
The EIA reported that US gasoline inventories increased by 1.2 MMbbls (million barrels) to 241.2 MMbbls on June 15–22.
Week 25: Offshore Rig Count Falls by Two from the Previous Week
The US offshore rig count was 18 in Week 25, which was two lower than the previous week.
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.
Offshore Drillers: Analysts’ Recommendations
The consensus 12-month target price for Ensco is $6.53, which implies a potential upside of 4.3% from the market price of $6.25.
Which Offshore Drillers Had a Negative Free Cash Flow?
In the first quarter, Transocean’s capex was lower than its cash flow from operations, which left the company with a positive cash flow of $50 million.
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.
Transocean’s Revenues Increased in the First Quarter
In the first quarter, Transocean’s (RIG) drilling revenues were $664 million—5.5% higher than its revenues of $629 million in the previous quarter.
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.
Analysts’ Revisions for Offshore Drillers in the Last Six Weeks
None of the analysts revised recommendations or target prices for offshore drilling stocks in Week 24.
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.
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.
Rowan Companies Secured a New Contract
Rowan Companies’ drillship, Rowan Relentless, secured a contract with ExxonMobil to drill a prospect in the US Gulf of Mexico.
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.
Week 23: HSBC’s Downgrade and Target Price Revisions
On June 7, HSBC raised Transocean’s (RIG) target price to $15.2 from $11.8 and maintained a “buy” rating.
Crude Oil Prices Could Weigh on Natural Gas Prices
US crude oil and natural gas prices declined 0.1% and 2.4%, respectively, last week. OIH rose ~0.04% during the same period.
Credit Suisse Downgraded Noble in Week 22
On May 30, Credit Suisse downgraded Noble Corporation to “neutral” from “outperform.”
Transocean: 5 Analysts Raised the Target Price in May
The consensus 12-month target price for Transocean is $12.79, which implies a potential upside of 1.8% from its market price of $12.57 on May 30.
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 Expects Its Q2 2018 Revenues to Rise 14%
Transocean (RIG) expects its second-quarter revenues to increase 14% from the first quarter. The forecast includes early termination revenues.
How Seadrill Partners’ Costs Looked in Q1 2018
Seadrill Partners’ (SDLP) vessel and rig-operating expenses dropped 18.7% to $76.4 million in the first quarter.
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.
Wells Fargo Revised Target Price for Diamond Offshore and Ensco
In week 21, Wells Fargo revised target prices for some offshore drilling companies.
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.
Week 21: Offshore Rig Count Is Flat Compared to Previous Week
Last week, the US offshore rig count was at 19, the same as it was in the previous week.
Wells Fargo Raises Target Price for Noble
Analysts’ rating for Noble (NE) is 3.2, which means “hold.”
Analysts’ Views on Transocean in May
Analysts’ consensus rating for Transocean (RIG) is 2.7, which means “hold.”
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.
Week 20: Offshore Drilling Rig Count Down by 2
The US offshore rig count in Week 20 (ended May 18) was 19—down by two from the previous week and four year-over-year.
Why Seadrill Stock Skyrocketed
Seadrill stock has skyrocketed. On May 17, the stock rose 26.1% and reached $0.58. The company’s volume increased to 69.3 million shares.
Revised Recommendations and Target Prices for Offshore Drillers
Credit Suisse raised the target price for Rowan Companies to $15.00 from $14.00 and maintained a “neutral” rating.
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.
Analyzing Ensco’s Debt Maturity until 2024
As of March 31, Ensco had long-term debt of $5 billion—compared to $4.7 billion at the beginning of 2018.
What to Expect from Ensco’s Capex in 2018
In the first quarter, Ensco saw cash flows from operations of $39.5 million—compared to ~$104.6 million in the first quarter of 2017.
Ensco’s First-Quarter Earnings and Second-Quarter Estimates
In the first quarter, Ensco’s EBITDA fell to $91.3 million from $98.4 million in the fourth quarter of 2017.
Why Ensco Expects a Rise in Its Second-Quarter Revenue
Ensco expects its second-quarter revenues to increase 6% quarter-over-quarter due to contract startups of ENSCO DS-10, ENSCO DS-7, and ENSCO MS-1.
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.
Analysts’ Revisions: Transocean, Diamond Offshore, and Noble
On May 2, Susquehanna raised the target price for Transocean (RIG) to $11 from $10. RBC raised the target price for Transocean to $15 from $13.
RBC Raises Target Price for Rowan Companies
In this article, we’ll look at analysts’ revised recommendations and target prices for Rowan Companies (RDC) after its 1Q18 release.
Rowan Companies’ Financial Health After 1Q18
To fight downturn, offshore drillers (XLE) are focused on managing their debt and liquidity.