Wed, Jul. 29, 5:22 PM
Tue, Jul. 28, 5:35 PM
- ACGL, AEGN, AEL, AEM, AFFX, ALGT, ANIK, AR, ARII, ARRS, ASGN, ASH, ATW, BANC, BAX, BKCC, BLKB, BXP, CAVM, CBL, CEMP, CGI, CHDN, CHMT, CLD, CMO, CMPR, CNO, CNW, CROX, CSGP, CW, CWT, CXO, DDR, DOX, DRE, DYAX, EHTH, ELY, EQIX, EQY, ESRT, ESV, EXR, FARO, FB, FBP, FICO, FISV, FMI, FNF, FOE, FORM, FORR, HLS, HOLX, HOS, HY, IPCM, ISIL, IXYS, KEG, KEX, KGC, KRA, KRG, KS, LNC, LOCK, LPSN, LRCX, MAA, MANT, MAR, MC, MCK, MDAS, MEOH, MET, MMLP, MTGE, MTW, MUR, NBIX, NE, NOW, NSIT, NTRI, NXPI, O, OGS, OI, ORLY, OTEX, PDM, PEGA, PEIX, PPC, PSA, PTC, PVA, QGEN, QUIK, RKUS, ROG, RRTS, SBAC, SCI, SCTY, SFLY, SGMO, SKX, SPRT, SSNC, SSS, STAA, SU, TAL, TER, THG, THRM, THRX, TILE, TTEK, UNM, VAR, VGR, VNDA, VRTX, WDC, WES, WFM, WGP, WLL, WMB, WMGI, WSTL, WTS, WYNN
Tue, May 12, 11:35 AM
- Ocean Rig UDW’s (ORIG +13.6%) better than expected Q1 earnings report follows the pattern set earlier this reporting season by Transocean (RIG +1.7%), Noble (NE +2.8%) and Diamond Offshore (DO -0.1%), and the group is moving higher in morning trade.
- Q1 contract drilling revenues of $402M beat estimates, as ORIG’s on-the-water fleet again delivered an impressive operating performance, Cowen analysts say; ORIG achieved record utilization of 99%, up from last quarter’s 95%, and adjusted EBITDA of $219M was well ahead of Wall Street’s $168M forecast.
- Q1 operating expenses of $153M were down 22% Q/Q as cost-cutting initiatives are starting to be reflected in results, a trend Cowen expects will continue throughout the remainder of 2015.
- ORIG also maintained its $0.19/share quarterly dividend even in the face of a declining offshore rig market.
- Also: SDRL +4.7%, ESV +2.3%, RDC +2.1%, ATW +0.8%.
Thu, Apr. 30, 11:48 AM
- Ensco (ESV +4.1%) and Atwood Oceanics (ATW +5.8%) are sharply higher following their strong Q1 earnings reports (I, II), even though neither company sees the offshore drilling environment getting much better soon.
- Cowen analysts note that management commentary on the outlook for the offshore drilling sector remains gloomy as the current downturn looks to be extending well into 2016, but says ESV’s recent ability to refinance $1.1B of debt speaks to the company’s "strong positioning amongst its peers as one of the premier offshore contract drillers."
- Meanwhile, ATW also enjoyed a "great quarter" but challenges remain, including lower rig utilization and pricing, according to Credit Suisse.
Wed, Apr. 29, 5:46 PM
Tue, Apr. 28, 5:35 PM
- AEL, AFFX, AR, ARII, ARRS, ASGN, ASH, ATRC, ATW, AVG, AXS, BIDU, BLKB, BVN, CACI, CAVM, CBT, CHMT, CMO, CMPR, CNO, CNW, COHR, CRL, CSGP, CSII, CW, CWT, DOX, DRE, DXCM, DYAX, ECOL, ELGX, EQIX, EQY, ES, ESV, EXL, EXR, FLEX, FOE, FORM, FORR, GLUU, HOLX, HOS, HY, IPCM, ISIL, KAMN, KEG, KEX, KRA, LNC, LOCK, LOPE, LXRX, MAA, MAC, MANT, MAR, MDAS, MEOH, MEP, MMLP, MTGE, MTW, MUR, NE, NSR, NXPI, O, OGS, OIS, PDM, PPC, PRXL, PTC, QEP, QUIK, RKT, ROG, RRTS, SAM, SCI, SFLY, SGI, SPOK, SPRT, SSS, STAA, STR, SU, TAL, TCO, TEX, TILE, TTEK, TTMI, TX, UNM, VAR, VRTX, WLL, WMB, WMGI, WTS, XL, YELP
Thu, Feb. 26, 3:57 PM
- Ensco (ESV -8.2%) has suffered a steady retreat throughout the session even though its Q4 earnings beat analyst estimates; ESV is badly lagging peers Seadrill (SDRL -2.4%) and Transocean (RIG -1.9%), who also released earnings during the past 24 hours.
- The difference appears to be ESV's unexpected decision to cut its dividend by a whopping 80% to $0.60 from $3, which equates to a 9% payout of 2015 operating cash flow; ESV is now yielding 2.3%.
- Credit Suisse says that while it was concerned about the dividend's long-term sustainability, it had thought a lower dividend would be an H2 2015 or H1 2016 event, also noting workforce cuts is "not the sign of a V shaped recovery."
- ESV reports Q4 utilization fell to 86% from 90% in the year-ago quarter, due mostly to increases in uncontracted rig days.
- CEO Carl Trowell said in today's earnings call that the company will shut down or cold stack a rig by mid 2015, costing ~$12M over the first two quarters, and could stack an additional rig if oil prices do not improve.
Wed, Feb. 25, 10:40 PM
Tue, Feb. 24, 5:35 PM
- AEGN, AGO, AMSG, ANIK, AR, AREX, ARI, AVGO, AWR, BLDP, BMRN, BWC, CEMP, CHDN, CHMT, CLUB, CLVS, CRM, CSGP, CWT, CXO, DRYS, DXCM, EAC, EHTH, ELGX, EPAM, ESRT, ESV, FARO, FOE, GMED, GPOR, GXP, HK, IL, KW, LB, LGCY, LHCG, MCHX, MDVN, MELI, MMLP, OAS, ORIG, PGTI, PLKI, PRSS, PVA, RGR, RIG, RIGP, SBY, SFM, STAA, SYNC, TEG, TTEC, WDAY, WLL, WMGI, WPX, WR
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. 30, 2014, 3:09 PM
- It's another down day for offshore drillers, with two notable exceptions, as better than expected earnings from Ensco (ESV +3.3%) and Noble Corp. (NE +1.9%) spark strong gains today.
- ESV's Q3 earnings finished well ahead of estimates, driven by higher than expected revenues as the company likely earned more bonus payments than anticipated; lower than expected costs also contributed, as ESV was successful in containing cost inflation in the quarter.
- NE's Q3 earnings came in slightly above consensus, and the company says it will pursue the development of an MLP subject to market conditions and final board approval.
Oct. 29, 2014, 5:47 PM
Oct. 28, 2014, 5:35 PM
- ABX, ACGL, ACHC, ACMP, AEGN, AEM, AFOP, AHL, AIZ, AKAM, ALDW, ALL, ANIK, ARAY, ARII, ARRS, ASGN, ATML, AUY, AXS, BGC, BIDU, BLKB, BMR, CACI, CALX, CAR, CATM, CAVM, CBG, CBL, CEMP, CENX, CHDN, CJES, CLD, CLUB, CMO, CNW, CRL, CRUS, CSGP, CSII, CUZ, CW, CWT, DAC, DRE, DRIV, DWA, EQIX, EQY, ESRT, ESV, EXL, EXR, FBHS, FFIV, FISH, FLEX, FLTX, FMC, FNF, FORM, FORR, FR, GLUU, HBI, HOS, HT, IPI, IRG, ISIL, JDSU, KEX, KRFT, KS, LGCY, LNC, LOCK, LOPE, MAA, MANT, MASI, MDAS, MEOH, MET, MOBL, MTGE, MUR, NCLH, NE, NEU, NEWP, NSIT, OII, PDM, PEIX, PGTI, PPC, PRXL, PSMI, PVA, QGEN, QTM, QUIK, RFMD, RGR, RJF, RNG, RRC, RRTS, RST, SCI, SFLY, SGI, SIMO, SLCA, SPN, SPRT, SSNC, SSS, STR, SU, TEX, TFSL, TGB, TGI, THG, TRLA, TTMI, TTWO, UNM, V, VECO, VGR, VPRT, VR, WLL, WMB, WPZ, WSTL, WTW
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, 8:36 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
ESV vs. ETF Alternatives
Ensco PLC provides offshore contract drilling services to national and international oil companies. The Company operates in U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia.
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