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Never buy on recommendations, that's smart money selling to stupid money. Always wait for a pull back.
Jan 01 16:49 pm
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All Comments by soma6 »Transocean and Its Peers Seeing Pent-Up Demand - BoA [View article]
And yes, deep water ocean drillers are a good buying investment opportunity for 2008 especially a company with Harsh Environment deep water rigs. The short supply is commanding higher premiums for charter. @upwards of $275M to build new HEDW platforms Dryships CEO George Economou scored BIG time with his 30% ($400m)stake in Ocean Rig. HEDW rigs will command up $500k per day for charter in the next year. Yesterdays pull back (-2.87%) of RIG may present a entry point. In the mean time DRYS is a screaming buy at 77.40 with a PE of around 8 and a target of $120.
Cheers