Saying they like some of their competitors better, as they have upside potential without the risk related to the explosion on the Deepwater Horizon oil rig which resulted in the BP (NYSE:BP) oil spill, Oppenheimer said they're maintaining their "Neutral" rating on Transocean (NYSE:RIG).
Oppenheimer analysts said, Though the stock has sold off 40 percent since the Deepwater Horizon explosion, we believe there remain better opportunities elsewhere in the offshore drilling space."
Analysts at Oppenheimer also cited the rejection of an application to register it first of four proposed dividend payments by the Commercial Register of canton of Zug in Switzerland as another concern, although Transocean has said they'll appeal the decision.
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