Overall, the market was flat for the past week. There was some strength early in the week due to renewed optimism in the state of the economy. The market declined later in the week and ultimately closed at the same level on Friday that it opened at on Monday. The price of oil was up slightly.
This series is concerned with the performance of the six offshore drilling companies that I have been tracking for several weeks now. Let's see how each of them performed last week.
SeaDrill (SDRL) opened on Monday, April 16 at $37.76. The stock closed at $37.89 in after hours trading on Friday, April 20. This gives the stock a gain of $0.13 or 0.01% this week. SeaDrill opened at $38.45 on March 26, 2012. This gives the stock a four week loss of $0.56 per share or 1.46%.
SDRL 5-Day Chart
Source: Fidelity Investments
SDRL 4-Week Chart
Source: Fidelity Investments
Ensco (ESV) opened at $52.81 on Monday, April 16. The stock closed at $52.80 in after hours trading on Friday, April 20. This gives the stock a loss of $0.01 or 0.01% over the week. The stock opened at $54.64 on March 26. The stock thus had a four-week loss of $1.84 or 3.37% over the four-week period.
ESV 5-Day Chart
Source: Fidelity Investments
ESV 4-Week Chart
Source: Fidelity Investments
Transocean (RIG) opened at $48.78 on Monday, April 16. The stock closed at $50.35 in after hours trading on Friday, April 20. This gives the stock a gain of $1.57 or 3.22% this week. The stock opened at $56.63 on March 26. This gives Transocean a four-week loss of $6.28 or 11.1% over the period.
RIG 5-Day Chart
Source: Fidelity Investments
RIG 4-Week Chart
Source: Fidelity Investments
Diamond Offshore (DO) opened at $65.51 on Monday, April 16. The stock closed at $68.57 in after hours trading on Friday, April 20. This gives the stock a gain of $3.06 per share or 4.67% for the week. The stock opened at $69.67 on Monday, March 26. The stock thus had a four-week loss of $1.10 per share or 1.58%.
DO 5-Day Chart
Source: Fidelity Investments
DO 4-Week Chart
Source: Fidelity Investments
Atwood Oceanics (ATW) opened at $42.26 on Monday, April 16. The stock closed at $43.58 in after hours trading on Friday, April 20. This gives the stock a gain of $1.32 per share or 3.12% for the week. Atwood opened at $48.17 on March 26. Thus, shareholders in the company suffered a loss of $4.59 or 9.53% over the four-week period.
ATW 5-Day Chart
Source: Fidelity Investments
ATW 4-Week Chart
Source: Fidelity Investments
Noble Corp (NE) opened the week at $36.05 on April 16, 2012. The stock closed at $37.78 in after hours trading on Friday, April 20. This gives the stock a gain of $1.73 or 4.80% for the week. Noble opened at $38.85 on March 26, 2012. Thus, the stock had a four week loss of $1.07 or 2.75% over the four-week period.
NE 5-Day Chart
Source: Fidelity Investments
NE 4-Week Chart
Source: Fidelity Investments
Noble was the best performer this week. Ensco was this week's worst performer and the only one of the six stocks to take a loss this week, albeit a very small one and only due to after-hours trading on Friday. SeaDrill proved to be the best performing stock over the four-week period with Diamond Offshore in a very close second. This is rather surprising as SeaDrill has a higher beta than the rest of these companies.
That should lead to considerable volatility in the stock price but, in fact, it has been perhaps the least volatile of these stocks over the past few weeks. Transocean was the worst performer over the trailing four week period with none of the others anywhere close.
Disclosure: I am long SDRL.
