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NE

Noble Corp.

$6.10

-0.03 (-0.49%)

, DO

Diamond Offshore

$18.70

-0.075 (-0.40%)

09:24
08/09/18
08/09
09:24
08/09/18
09:24

Barclays calls offshore drillers overvalued, downgrades Noble to Underweight

Barclays analyst J David Anderson downgraded Noble Corp. (NE) to Underweight from Neutral while raising his price target for the shares to $5 from $4. Since March, offshore-themed drilling stocks have outperformed on the back of Brent oil prices moving above $70 per barrel, Anderson tells investors in a research note. However, current share prices now imply day rates will eclipse $400,000 per day by mid-2022 "in the face of substantial floater overcapacity and few signs of an imminent recovery," the analyst adds. As such, he believes the offshore drillers are the most overvalued group in his coverage. Anderson sees 27% average downside from current levels and downgrades Noble to Underweight. He keeps Underweight ratings on Diamond Offshore (DO), Ensco (ESV), Rowan Companies (RDC) and Transocean (RIG).

NE

Noble Corp.

$6.10

-0.03 (-0.49%)

DO

Diamond Offshore

$18.70

-0.075 (-0.40%)

ESV

Ensco

$7.44

-0.17 (-2.23%)

RDC

Rowan Companies

$13.54

-0.07 (-0.51%)

RIG

Transocean

$12.94

-0.14 (-1.07%)

NE Noble Corp.
$6.10

-0.03 (-0.49%)

08/09/18
LEHM
08/09/18
DOWNGRADE
Target $5
LEHM
Underweight
Noble Corp. downgraded to Underweight from Equal Weight at Barclays
Barclays analyst J David Anderson downgraded Noble Corp. to Underweight while raising his price target for the shares to $5 from $4.
06/21/18
06/21/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Nike (NKE) downgraded to Neutral from Buy at UBS with analyst Jay Sole saying Nike's "comeback after two relatively down years continues." 2. Infinera (INFN) downgraded to Neutral from Buy at Goldman Sachs with analyst Rod Hall assumed coverage from Doug Clark and downgrading the stock to Neutral from Buy while saying the company's success is dependent on the new products, while its "key higher TAM products are yet to fully hit the market." 3. AMC Networks (AMCX) downgraded to Underperform from Market Perform at Bernstein with analyst Todd Juenger saying he thinks it is unlikely the company will be acquired at a premium. 4. Catalyst Biosciences (CBIO) downgraded to Neutral from Buy at B. Riley FBR. 5. Noble Corp. (NE) downgraded to Hold from Buy at Jefferies with analyst Eduardo Royes saying the stock is up 18% year-to-date versus its four major peers rising only 2%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/21/18
JEFF
06/21/18
DOWNGRADE
Target $5
JEFF
Hold
Jefferies downgrades Noble with shares up 18% year-to-date
Jefferies analyst Eduardo Royes downgraded Noble Corp. (NE) to Neutral from Buy and lowered his price target for the shares to $5 from $5.50. The stock is up 18% year-to-date versus its four major peers rising only 2%, Royes tells investors in a research note. He thinks outperformance going forward is unlikely with his framework suggesting "ample downside risk" to 2019 estimates. Among Offshore Drillers, Royes only sees value in Transocean (RIG). He keeps a Buy rating on those shares and raised his price target for $15.
06/21/18
JEFF
06/21/18
DOWNGRADE
Target $5
JEFF
Hold
Noble Corp. downgraded to Hold from Buy at Jefferies
Jefferies analyst Eduardo Royes downgraded Noble Corp. to Hold and lowered his price target for the shares to $5 from $5.50.
DO Diamond Offshore
$18.70

-0.075 (-0.40%)

07/31/18
UBSW
07/31/18
NO CHANGE
Target $26
UBSW
Buy
Diamond Offshore price target raised to $26 from $22 at UBS
UBS analyst Sasha Sanwal raised his price target on Diamond Offshore (DO) to $26 from $22 following its contract win with British Petroleum (BP) and Anadarko (APC). He called it a landmark event for the company and the industry as the contract serve as a validation of its success in creating a differentiated platform by two of the biggest players in offshore. Sanwal reiterated his Buy rating on Diamond Offshore shares.
02/09/18
02/09/18
DOWNGRADE

Underperform
Diamond Offshore downgraded to Underperform at Raymond James
As previously reported, Raymond James downgraded Diamond Offshore to Underperform from Market Perform. Analyst Praveen Narra thinks investors are putting too high a value on its rig fleet and does not think investors are properly accounting for the BOP sale-leaseback model for Diamond's four Black rigs under Pressure control by the hour. Narra sees the Black rigs worth as much as $30M-$45M less than an average New UDW rig given the higher costs.
04/13/18
FBCO
04/13/18
DOWNGRADE
FBCO
Underperform
Diamond Offshore downgraded to Underperform from Neutral at Credit Suisse
04/13/18
04/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Market Perform from Outperform at Cowen with analyst Andrew Charles saying his optimism about a comparable sales rebound in the Americas region is diminished as he sees intensified craft coffee competition along with expressing uncertainty on the timeline and magnitude of success with its loyalty efforts. 2. Diamond Offshore (DO) downgraded to Underperform from Neutral at Credit Suisse. 3. Zillow (Z, ZG) downgraded to Hold from Buy at Craig-Hallum with analyst Brad Berning citing the company's announcement that it is expanding its Instant Offers program to Phoenix in addition to Las Vegas and Orlando. 4. Nu Skin (NUS) downgraded to Hold from Buy at Deutsche Bank with analyst Steve Powers saying with the valuation at multi-year highs, the market is pricing in a "material acceleration" in sales and earnings trends. 5. Tenneco (TEN) downgraded to Neutral from Buy at Goldman Sachs with analyst David Tamberrino saying he sees the strategic rationale in the Federal-Mogul acquisition, but highlights near-term challenges from input costs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ESV Ensco
$7.44

-0.17 (-2.23%)

07/12/18
07/12/18
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. Johnson & Johnson (JNJ) upgraded to Neutral from Sell at Goldman Sachs with analyst Jami Rubin saying the stock is down 10% year-to-date and 15% from its recent all-time high of $148. 2. Hallmark Financial (HALL) upgraded to Outperform from Market Perform at Raymond James. 3. Transocean (RIG), Ensco (ESV), and Rowan Companies (RDC) were upgraded to Buy from Hold at Tudor Pickering. 4. Precision Drilling (PDS) and Nabors Industries (NBR) were upgraded to Overweight from Equal Weight at Morgan Stanley. 5. CA Technologies (CA) upgraded to Market Perform from Underperform at Wells Fargo and Bernstein. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/07/18
HSBC
06/07/18
DOWNGRADE
Target $7.4
HSBC
Hold
Ensco downgraded to Hold from Buy at HSBC
HSBC analyst Abhishek Kumar downgraded Ensco Plc to Hold while raising his price target for the shares to $7.40 from $6.20.
07/12/18
TUDR
07/12/18
UPGRADE
TUDR
Buy
Ensco upgraded to Buy from Hold at Tudor Pickering
07/12/18
TUDR
07/12/18
UPGRADE
TUDR
Buy
Ensco, Transocean, and Rowan upgraded at Tudor Pickering
Tudor Pickering analyst Taylor Zurcher upgraded Ensco (ESV), Transocean (RIG), and Rowan Companies (RDC) to Buy from Hold saying he believes offshore rig demand and pricing have bottomed, and sees a path to "modest" pricing momentum at the highest end of the jackup/floater rig markets.
RDC Rowan Companies
$13.54

-0.07 (-0.51%)

07/12/18
TUDR
07/12/18
UPGRADE
TUDR
Buy
Rowan Companies upgraded to Buy from Hold at Tudor Pickering
08/02/18
SOCG
08/02/18
UPGRADE
SOCG
Buy
Rowan Companies upgraded to Buy from Hold at Societe Generale
RIG Transocean
$12.94

-0.14 (-1.07%)

07/09/18
07/09/18
UPGRADE
Target $16

Positive
Transocean upgraded to Positive on rig recovery at Susquehanna
As previously reported, Susquehanna upgraded Transocean to Positive from Neutral and raised its price target to $16 from $11. Analyst Charles Minervino said RigLogix data suggests tenders for floating rigs have inflected and are now up approximately 22% since the beginning of the year, while Q2 floater contracting has risen 21% from Q1 , and total rig years awarded have more than doubled from Q1 levels. Minervino believes the worst has passed for floater utilization and is confident a more meaningful recovery will occur in 2019-2020.
07/12/18
TUDR
07/12/18
UPGRADE
TUDR
Buy
Transocean upgraded to Buy from Hold at Tudor Pickering

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AAPL

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FB

Facebook

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PLWTY

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SPY

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