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Fly News Breaks for May 14, 2018
OII
May 14, 2018 | 07:03 EDT
Goldman Sachs analyst Waqar Syed upgraded Oceaneering to Buy from Neutral and raised its price target to $29 from $22. With Brent oil around the mid-$70/bbl range, Syed believes we are in the early stages of an offshore cycle. He notes Oceaneering's break-even prices for offshore projects are down 40%-60% from 2016 levels, and offshore project FIDs, deepwater IMR work, and drilling activity are poised to inflect higher, while valuation is near historical lows.
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