|Over a week ago|
Pacific Drilling reports Q2 EPS ($1.16), consensus ($1.02) » 17:0708/0608/06/20
Reports Q2 revenue…
Reports Q2 revenue $38.91M, consensus $39.33M. Pacific Drilling CEO Bernie Wolford commented, "In the second quarter, our crews and leadership continued to exemplify our commitment to safe and efficient operations, including adopting measures to manage risks associated with COVID-19 transmission, delivering exceptional results for our clients, efficiently preserving the value of our assets and significantly reducing overhead costs."
Dril-Quip participates in a conference call with JPMorgan » 10:2707/3107/31/20
Oil Services &…
Oil Services & Equipment Analyst Meakim holds a post-earnings conference call with CEO DeBerry and CFO Kumar on July 31 at 11 am hosted by JPMorgan.
Dril-Quip reports Q2 EPS (40c), consensus (6c) » 17:1707/3007/30/20
Reports Q2 revenue…
Reports Q2 revenue $90.4M, consensus $88.35M.
Pacific Drilling confirms 'big win' in Gulf of Mexico, says Evercore ISI » 08:4507/3007/30/20
Evercore ISI analyst…
Evercore ISI analyst James West noted that Pacific Drilling confirmed in its fleet status report that the company has been awarded a 10 well contract from Murphy Oil in the U.S. Gulf of Mexico, which he believes is for the King's Quay project and calls a "big win." While stating that the $180K per day rate is below his estimate, West said the contract could keep the rig busy until the middle of 2023 and is notably the company's third term floater contract confirmed this month. West keeps an Underperform rating and $1 price target on Pacific Drilling shares.
Pacific Drilling discloses contract for ten firm wells in fleet status report » 08:4007/3007/30/20
Pacific Drilling disclosed in a regulatory filing that the company posted to its website its updated Fleet Status Report dated July 29. For the Pacific Khamsin a "previous third firm well with Equinor was cancelled for a termination fee," the report states. For the Pacific Sharav, the company reported a contract for ten firm wells with an estimated duration of approximately 450 days. "The contract provides for five option wells at a market based rate. Previous contract with Murphy Mexico for two firm wells was cancelled for a termination fee," the report states. For the Pacific Meltem, the rig is "mobilizing to Las Palmas," the report states. In pre-market trading, Pacific Drilling shares are up 3c, or 6%, to 48c.
Dril-Quip downgraded to Sector Perform from Outperform at Scotiabank » 08:0507/1607/16/20
Scotiabank analyst Vaibhav Vaishnav downgraded Dril-Quip to Sector Perform from Outperform with a $28 price target.
|Over a month ago|
Dril-Quip, Proserv announce strategic agreement » 16:3106/2406/24/20
Dril-Quip and Proserv…
Dril-Quip and Proserv Group announced an agreement pursuant to which Dril-Quip will rely upon Proserv for the development and manufacturing of its subsea control systems as a supplier. The mutually beneficial arrangement allows Dril-Quip to continue to support its existing subsea controls customers with the support of Proserv. The arrangement follows Dril-Quip's strategic decision to consolidate the supply and development of control systems with a dedicated subsea controls provider. Proserv's independence in the controls area, combined with its versatility to interface with all subsea tree providers made it the natural party for Dril-Quip to partner with. In addition, the agreement establishes a framework where Proserv and Dril-Quip may pursue joint marketing and collaboration efforts, with Dril-Quip providing subsea trees and Proserv providing subsea controls. This bundled offering will be a compelling value proposition for customers as it brings cutting edge technology solutions at competitive prices. Blake DeBerry, Dril-Quip's Chief Executive Officer, commented, "We are pleased to announce this strategic collaboration between Dril-Quip and Proserv which allows us to leverage capabilities and enhance our product offerings. Our collaboration will provide significant benefits to our customers in the subsea production system market and allows access to complementary award-winning subsea technologies at competitive pricing. This agreement aligns the interests of both companies in leveraging their respective technical and engineering expertise to deliver high quality subsea trees and controls that will save customers time and money, all while enhancing the execution of their offshore projects. We look forward to engaging with Proserv and our customers with these expanded offerings."
Dril-Quip price target lowered to $33 from $45 at B. Riley FBR » 13:5505/2705/27/20
B. Riley FBR analyst…
B. Riley FBR analyst Thomas Curran earlier today lowered the firm's price target on Dril-Quip to $33 from $45 and kept a Neutral rating on the shares. The company forecasts a 30%-50% decline in 2020 customer capital spending resulting from the global economic slowdown combined with the oversupply of oil and gas production, Curran tells investors in a research note. The analyst cut his 2020 revenue estimate by 23% and 2021 by even further at 36% due to the expected decline in 2020 orders.
|Over a quarter ago|
Dril-Quip promotes Jeffrey Bird to COO, Raj Kumar to CFO » 16:3305/1505/15/20
Dril-Quip announced the…
Dril-Quip announced the promotions of Jeffrey Bird to president and COO and Raj Kumar to VP and CFO, effective immediately. Bird has served as Dril-Quip's senior VP - production operations and CFO since February 2019, prior to which he was VP and CFO since he joined the company in March 2017. Kumar has served as Dril-Quip's VP - finance and CAO since February 2019, prior to which he was VP and treasurer since he joined the company in June 2017.
Dril-Quip downgraded to Hold from Buy at Gabelli » 08:5805/1205/12/20
Gabelli analyst Simon…
Gabelli analyst Simon Wong downgraded Dril-Quip to Hold from Buy, arguing that the offshore drilling recovery has been pushed "by at least a year." He has a $27 per share 2021 private market value for Dril-Quip shares.