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RIG

Transocean

$9.23

-0.07 (-0.75%)

16:26
02/15/18
02/15
16:26
02/15/18
16:26

Transocean amends drilling contract

Transocean announced that an agreement has been reached with the incumbent customer to amend the drilling contract on the harsh environment semisubmersible Transocean Leader. The rig experienced equipment breakdown that could not be repaired timely, providing the customer with the right to cancel the contract. However, given the otherwise efficient performance of the rig, the customer elected to complete its program with the Leader and Transocean agreed to amend the drilling contract, signed today and effective January 13, 2018, whereby the dayrate and contract duration were modified. The rig is currently in the shipyard for these repairs and will not earn a dayrate during Q1. It is expected to return to work in April of 2018, for approximately 300 days, 210 of which are with the incumbent customer and 90 days with Dana Petroleum. Contract backlog is reduced by approximately $112M -- $73M in 2018 and the remainder in 2019 -- as a result of the contract renegotiation and a new fixture with Dana Petroleum.

  • 21

    Feb

  • 28

    Feb

RIG Transocean
$9.23

-0.07 (-0.75%)

10/12/17
10/12/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Delta Air Lines (DAL) upgraded to Outperform from In-Line at Imperial Capital with analyst Michael Derchin saying the company is likely to grow unit revenues in fiscal year 2018 due to pricing power in its key domestic hubs and improving international results. 2. Transocean (RIG) upgraded to Buy from Neutral at Citi with analyst Scott Gruber saying if an upturn is forthcoming, Transocean should outperform given a "diminution" of concern toward its balance sheet and more new contract catalysts. 3. Canadian Pacific (CP) upgraded to Overweight from Neutral at JPMorgan with analyst Brian Ossenbeck saying he sees a shift to stronger volume growth as the company laps contract losses and records some new contract wins. 4. Infinity upgraded to Outperform from Market Perform at Wells Fargo with analyst Jim Birchenough saying the IPI-549 monotherapy data have a "reasonable likelihood" of proof-of-concept response rate, and with likely validation of tumor macrophage targeting in immunooncology and a unique mechanism of action, upside potential is not reflected in the current stock price. 5. Kroger (KR) upgraded to Equal Weight from Underweight at Stephens with analyst Ben Bienvenu saying he believes the pursuit of strategic alternatives for the convenience store business has potential to unlock value and that the risk/reward is more balanced following the stock's recent pullback. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/19/17
HSBC
10/19/17
INITIATION
Target $11.5
HSBC
Hold
Transocean initiated with a Hold at HSBC
HSBC analyst David Phillips started Transocean with a Hold rating and $11.50 price target. The analyst sees a lack of potential upside given the company's "weaker medium-term liquidity profile."
01/04/18
JEFF
01/04/18
UPGRADE
Target $13
JEFF
Buy
Transocean upgraded to Buy from Hold at Jefferies
Jefferies analyst Brad Handler upgraded Transocean to Buy with an increased price target of $13. The analyst believes the company has earnings stability relative to peers and finds the valuation "cheap" at current levels.
01/23/18
LEHM
01/23/18
DOWNGRADE
Target $10
LEHM
Underweight
Rowan Companies downgraded to Underweight from Equal Weight at Barclays
Barclays analyst J. David Anderson downgraded Rowan Companies (RDC) to Underweight and lowered his price target for the shares to $10 from $14. The analyst views the offshore drillers as "highly overvalued" following the recent share rallies. He cut his near-term floater forecast to $150,000 per day from $235,000 per day and now sees 35% average downside to offshore drillers. Anderson this morning also downgraded Diamond Offshore (DO) to Underweight and cut his price target on Ensco (ESV) to $4 from $6, on Noble Corp. (NE) to $4 from $5 and on Transocean (RIG) to $7 from $9.

TODAY'S FREE FLY STORIES

BNFT

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-1.99 (-3.84%)

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AGCO

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2.7 (5.01%)

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  • 18

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NVS

Novartis

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-0.4 (-0.47%)

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  • 05

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SQ

Square

$59.91

1.28 (2.18%)

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  • 18

    Dec

PAYX

Paychex

$64.32

-0.63 (-0.97%)

, GIS

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$36.70

-0.03 (-0.08%)

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  • 19

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FSNUY

Fresenius SE

$0.00

(0.00%)

20:21
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BNFT

Benefitfocus

$49.88

-1.99 (-3.84%)

20:19
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  • 18

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FN

Fabrinet

$51.13

2.17 (4.43%)

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SEE

Sealed Air

$33.96

0.17 (0.50%)

19:38
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CAT

Caterpillar

$124.29

-0.2 (-0.16%)

19:31
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XOM

Exxon Mobil

$71.99

-2.01 (-2.72%)

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  • 10

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CBS

CBS

$46.21

-0.6 (-1.28%)

, DIS

Disney

$109.43

-1.2 (-1.08%)

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CBS

$46.21

-0.6 (-1.28%)

DIS

Disney

$109.43

-1.2 (-1.08%)

FOX

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$48.49

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21st Century Fox

$48.78

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TRCO

Tribune Media

$45.25

-0.08 (-0.18%)

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JBL

Jabil

$22.21

0.65 (3.01%)

, SCS

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$14.19

0.02 (0.14%)

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$22.21

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SCS

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ADMS

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ANGI

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MU

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LRCX

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2.39 (1.76%)

AMAT

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$33.27

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FDX

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$185.01

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UPS

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SURF

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$7.35

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GSAT

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CBS

CBS

$46.21

-0.6 (-1.28%)

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  • 19

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AMTB

Mercantil Bank

$12.00

-0.3 (-2.44%)

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  • 21

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QDEL

Quidel

$50.00

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AAOI

Applied Optoelectronics

$15.40

-1.73 (-10.10%)

, ACIA

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$39.32

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CSCO

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FN

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WGO

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  • 19

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CVS

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-1.12 (-1.58%)

, AET

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$0.00

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  • 07

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FDX

FedEx

$185.01

2.81 (1.54%)

, AMZN

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  • 18

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VZ

Verizon

$55.67

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  • 07

    Jan

CE

Celanese

$85.39

0.98 (1.16%)

18:02
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Celanese raises GUR and GHR grades engineered materials prices by 10% »

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FDX

FedEx

$185.01

2.81 (1.54%)

17:55
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  • 18

    Dec

FDX

FedEx

$185.01

2.81 (1.54%)

17:52
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Hot Stocks
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  • 18

    Dec

VVV

Valvoline

$19.00

0.21 (1.12%)

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