Tue, Feb. 3, 6:30 PM
Mon, Feb. 2, 5:35 PM
Nov. 10, 2014, 6:04 PM
Nov. 9, 2014, 5:35 PM
Nov. 5, 2014, 3:31 PM
- Rowan (RDC +4.4%) leads offshore drillers higher after easily beating Q3 earnings estimates and forecasting revenues to rise in 2015 despite its own predictions for a soft rig market next year; it certainly doesn't hurt that oil prices are higher today.
- FBR Capital says it likes RDC as both a near-term idea on a sentiment snap-back and as a longer-term investment opportunity for patient investors; the firm believes the risk in RDC is mitigated by the company's fully locked-up ultra-deepwater newbuild fleet, whose contract starts account for the entirety of net earnings growth it foresees from 2014 to 2016, as well as concentrated exposure to high-spec jackups, which make up 93% of 2015 jackup earnings and should see fundamentals hold up better than the other classes.
- Also: RIG +5.2%, SDRL +4.5%, ESV +3.6%, DO +5.7%, NE +5.4%, ATW +2%.
Oct. 23, 2014, 3:46 PM
- Diamond Offshore's (DO +5.5%) better than expected Q3 results is providing a lift across the offshore drilling sector today: RIG +3.8%, ESV +4.1%, RDC +2.6%, SDRL +1.9%, PKD +3.6%, HP +3.1%, ATW -0.5%.
- It was a trifecta of good news for DO: Its operating profit of $0.97/share easily topped Wall Street consensus for $0.79, it announced a special dividend of $0.75/share, and a positive fleet status update included two new rigs that had found work with Hess and Petrobras extending contracts on three rigs for three years.
- However, Cowen’s J.B. Lowe is cautious, noting that while that the $400K dayrates with Hess give DO a solid backlog though a soft time in the market, "they represent a new low in leading-edge newbuild ultra-deepwater floaters in this part of the cycle.”
Jul. 30, 2014, 5:45 PM
Jul. 29, 2014, 5:35 PM
- ABX, AEL, AEM, AKAM, ALB, ALL, ALLE, AMC, ANIK, ARII, ASGN, ATEN, ATW, AUY, AVG, BALT, BGC, BMRN, CATM, CAVM, CBT, CENX, CHDN, CJES, CLUB, CMO, CNL, CNW, CODE, COHR, CTRP, CW, CWT, DDR, DRE, DRIV, EGN, EHTH, ELGX, ENTR, EQIX, EQY, ESRT, ESV, EXL, EXR, FBHS, FEIC, FISH, FMC, FNF, FOE, FORM, FORR, GLUU, HIG, HK, HOLX, HOS, HR, HTH, INT, IPI, ISIL, KBR, KEX, KGC, KRFT, KS, LGCY, LNC, LOCK, LPSN, LRCX, MAA, MANT, MDAS, MEOH, MET, MOBL, MOH, MTGE, MTW, MUR, NANO, NE, NEWP, NOW, OI, OTEX, PDM, PEIX, PGTI, PPC, PVA, QUIK, RKUS, ROVI, RRTS, SAM, SBRA, SCI, SFLY, SIMG, SPN, SPRT, SSS, STAA, STAG, STMP, STR, SU, SZYM, TCO, TGB, TGI, TS, TSO, TTEK, TTMI, TWTC, UNM, VGR, VPRT, WDC, WFM, WLL, WMB, WPZ, WSTL, WTW, YELP
Jul. 24, 2014, 12:34 PM
- Diamond Offshore (DO -5.9%) is sharply lower despite reporting better than expected Q2 earnings and revenues, as shares appear to be reacting more to the fleet status report that was released last night.
- DO's newbuild Ocean BlackRhino secured a contract, but only because it will take over the contract the Ocean Confidence was set to begin in April 2015, suggesting the BlackRhino could not secure its own contract in its delivery window; the customer has the option to extend the original $550K/day contract to a three-year contract at a $485K dayrate, a step down from recent three-year contracts in the $550K-$600K range - which Cowen analysts say is a reminder that the trend in ultra-deepwater dayrates remains firmly down.
- Other offshore drillers also are lower: SDRL -1.2%, RIG -2%, NE -1.9%, ESV -1.8%, ATW -1.6%, HERO -2.2%, RDC -0.8%.
May. 28, 2014, 3:28 PM
- Investors and analysts alike are underwhelmed by Seadrill's (SDRL -0.6%) latest quarter; shares opened higher, perhaps due to the surprise dividend increase, but have lingered in the red through the afternoon.
- Cowen’s J.B. Lowe sees a mostly positive quarter, as pro forma EBITDA and operating income of $788M and $574M beat his respective estimates of $738M and $530M.
- Howard Weil's David Wilson is mostly negative: SDRL announced delivery delays on several newbuilds, some up to six months, and investors may interpret these delays as the company buying time in order to secure contracts before delivery; during Q1, 91% utilization declined from 94% in Q4.
- In the fleet update, the West Tellus is scheduled to roll off its initial contract in June, but has no indication of follow-on work; Wilson notes that if the rig were to go idle, it would be the newest/youngest drillship to do so, which would hammer home the demand challenges facing the industry.
- Other offshore drillers also are lower: DO -2.2%, RIG -1.4%, ESV -0.8%, ATW -1.7%, RDC -1.1%.
May. 1, 2014, 3:59 PM
- Offshore drilling contractors are lower across the board after Hornbeck Offshore (HOS -8%) and Atwood Oceanics (ATW -4.5%) report disappointing Q1 results (I, II).
- On HOS, Howard Weil says Q1 operating metrics for offshore support vessels took a larger step back than expected, as average dayrates posted their first Q/Q decline since 2011; this, along with an increase in the amount of planned dry dock days, likely will move near-term earnings estimates lower.
- On ATW, Cowen analysts say contract drilling revenues of $273M fell short of expectations, while better than expected revenues from the jackup segment were more than offset by weaker than expected revenues from the ultra-deepwater and deepwater segments.
- Also: DO -1.8%, ESV -1.2%, TDW -2.4%, GLF -1.8%, CKH -1.6%.
Apr. 30, 2014, 5:27 PM| 9 Comments
Apr. 29, 2014, 5:35 PM
- AEL, ANAD, ARAY, ARII, ASH, ATML, ATW, AXTI, BCOV, BDN, BGC, BMR, BYD, CACI, CAVM, CBG, CBT, CGNX, CHMT, CJES, CMO, CNW, COHR, CRL, CSII, CW, CWT, DOX, DRE, DRIV, EDMC, EGN, ELGX, ELX, EPAM, EQIX, EQR, EXL, FBHS, FLEX, FLTX, FNF, FORM, GDOT, GLUU, HOLX, HOS, HR, INT, IO, IPI, IRF, IRG, ISIL, JDSU, JKHY, KEG, KEX, KONA, KS, KTOS, LNC, LOCK, LOPE, MAA, MANT, MASI, MDAS, MDU, MET, MTGE, MUR, NBIX, NEWP, NGD, OILT, OPLK, PACB, PDM, PEIX, PFPT, POL, PPC, PRAA, QUIK, RKUS, ROVI, RRTS, SAM, SFLY, SGI, SPRT, SSS, STMP, TEX, TSO, TSRO, TTEK, TTMI, UNTD, VNTV, WBMD, WDC, WLL, WMB, WMGI, WPZ, WTW, YELP.
Feb. 4, 2014, 4:39 PM| 3 Comments
Feb. 4, 2014, 12:10 AM
Feb. 3, 2014, 5:35 PM
ATW vs. ETF Alternatives
Other News & PR