RRI Energy, Inc. (GEN), Noble (NE), Gazprom OAO (OGZPY), Diamond Offshore Drilling, Inc. (DO), Hercules Offshore, Inc. (HERO), Northern Oil & Gas, Inc. (NOG) and United Parcel Service, Inc. (UPS) had ratings and price targets on them adjusted by analysts.
Deutsche Bank downgraded RRI Energy, Inc. (GEN) from a "Hold" rating to a "Sell" rating.
Macquarie downgraded Noble (NE) from a "Outperform" rating to a "Neutral" rating.
Citigroup downgraded Gazprom OAO (OGZPY) Buy" rating to a "Neutral" rating.
Macquarie upgraded Diamond Offshore Drilling, Inc. (DO) from a "Underperform" rating to a "Neutral" rating.
Macquarie upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Neutral" rating.
SunTrust upgraded Northern Oil & Gas, Inc. (NOG) from a "Neutral" rating to a "Buy" rating.
Stifel Nicolaus downgraded United Parcel Service, Inc. (UPS) from a "Buy" rating to a "Hold" rating.
Showing posts with label Noble Corporation. Show all posts
Showing posts with label Noble Corporation. Show all posts
Tuesday, March 20, 2012
Wednesday, November 3, 2010
Noble Corporation (NYSE:NE) Has Solid Balance of Shallow, Deepwater Markets Says FBR
Liking the balanced exposure to shallow and deepwater markets, FBR Capital said they're maintaining their "Outperform" on Noble Corporation (NYSE:NE), although they're lowering the earnings per share estimates based on the Pemex contract extension.
FBR said, "We are lowering our EPS estimates to $0.53, $4.00, and $4.95 from $0.54, $4.15, and $5.10 for 4Q10, 2011, and 2012, respectively. Our new rates reflect the recent contract extension rates that Noble Corp. has received from Pemex...We are maintaining our rating for NE based on the company's balanced exposure to the shallow and deepwater markets and attractive valuation. The company has a strong backlog and ample liquidity to grow even after adding four modern deepwater units in the Bully and Globetrotter rigs."
Noble closed Tuesday at $34.46, gaining $0.28, or 0.82 percent. FBR has a price target of $42 on the drilling service provider.
FBR said, "We are lowering our EPS estimates to $0.53, $4.00, and $4.95 from $0.54, $4.15, and $5.10 for 4Q10, 2011, and 2012, respectively. Our new rates reflect the recent contract extension rates that Noble Corp. has received from Pemex...We are maintaining our rating for NE based on the company's balanced exposure to the shallow and deepwater markets and attractive valuation. The company has a strong backlog and ample liquidity to grow even after adding four modern deepwater units in the Bully and Globetrotter rigs."
Noble closed Tuesday at $34.46, gaining $0.28, or 0.82 percent. FBR has a price target of $42 on the drilling service provider.
Friday, October 22, 2010
Will Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) Rebound After Moratorium Lifted?
While the earnings of oil field services like Diamond Offshore (NYSE:DO) and Noble (NYSE:NE), Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) could have been worse, overall they didn't fare too badly in light of the conditions they faced in the latest quarter.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
Wednesday, October 13, 2010
BP (NYSE:BP), Shell (NYSE:RDS-A), Noble (NYSE:NE), Seahawk (Nasdaq:HAWK) Working to Comply with Gulf Regulations
BP (NYSE:BP), Shell (NYSE:RDS-A), Noble Corp. (NYSE:NE) and Seahawk Drilling Inc. (Nasdaq:HAWK), among others, are all working to get in compliance with new government regulations in order to resume drilling in the Gulf of Mexico.
Although the oil moratorium was lifted by the Obama administration, it's largely irrelevant, and effectively still in place, as it could take companies months to before being given the go ahead to continue drilling in Gulf waters.
The permitting process is another tool the government can use to have the same affect as the oil moratorium, as they can be refused and/or delayed, keeping companies in limbo as long as they want.
This is why the Obama administration lifted the Gulf oil moratorium, as it gives the appearance of not being so stubborn while hurting the Gulf region, while still being able to control the drilling in the area, as far as keeping things on hold.
Noble Corp., Seahawk Drilling and Royal Dutch Shell have all said they're working hard to company with the new rules in order to begin drilling ASAP.
BP said they're not going to comment on its future plans in the Gulf at this time, which would entail not only drilling on its existing projects, but also possible application for exploration permits too.
Although the oil moratorium was lifted by the Obama administration, it's largely irrelevant, and effectively still in place, as it could take companies months to before being given the go ahead to continue drilling in Gulf waters.
The permitting process is another tool the government can use to have the same affect as the oil moratorium, as they can be refused and/or delayed, keeping companies in limbo as long as they want.
This is why the Obama administration lifted the Gulf oil moratorium, as it gives the appearance of not being so stubborn while hurting the Gulf region, while still being able to control the drilling in the area, as far as keeping things on hold.
Noble Corp., Seahawk Drilling and Royal Dutch Shell have all said they're working hard to company with the new rules in order to begin drilling ASAP.
BP said they're not going to comment on its future plans in the Gulf at this time, which would entail not only drilling on its existing projects, but also possible application for exploration permits too.
Wednesday, October 6, 2010
Barclays (NYSE:BCS) Sees Strong Third Quarter for Noble (NYSE:NE), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI), Others
After visiting a number of U.S. Oil Services & Drilling companies last week in their Oilfield Tour in Houston, Texas, Barclays (NYSE:BCS) said they see most companies performing strongly in the third quarter in the sector.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Friday, October 1, 2010
Citigroup (NYSE:C) Slashes Noble (NYSE:NE) EPS Estimate
Citigroup Inc. (NYSE:C) has lowered its earnings per share estimate for Noble Corp. (NYSE:NE), citing the delay of a GOM newbuild semisubmersible.
In a note to clients, Citigroup analyst Robin Shoemaker said, "The accumulated downtime over the last two and a half months was anticipated, but the increased effective tax rate for 3Q10 and delay in the start of a GOM newbuild semisubmersible are negatives we did not expect. Although the implications of this fleet status are negative, we would buy the stock on today's correction. We expect the GOM rigs now on standby will return to work in late 1Q11 and view the recently acquired Frontier backlog as adding stability until the drilling market recovers."
Consequently, earnings for 2010 were lowered from $3.90 to $3.30, "following its first fleet status update since July 8," added Shoemaker.
Noble was trading at $33.57, down $0.22, or 0.65 percent, at 2:40 PM EDT.
In a note to clients, Citigroup analyst Robin Shoemaker said, "The accumulated downtime over the last two and a half months was anticipated, but the increased effective tax rate for 3Q10 and delay in the start of a GOM newbuild semisubmersible are negatives we did not expect. Although the implications of this fleet status are negative, we would buy the stock on today's correction. We expect the GOM rigs now on standby will return to work in late 1Q11 and view the recently acquired Frontier backlog as adding stability until the drilling market recovers."
Consequently, earnings for 2010 were lowered from $3.90 to $3.30, "following its first fleet status update since July 8," added Shoemaker.
Noble was trading at $33.57, down $0.22, or 0.65 percent, at 2:40 PM EDT.
Friday, September 10, 2010
Noble (NYSE:NE) Upgraded by Credit Agricole
Noble Corp (NYSE:NE) is coming back into favor with some analysts and investors, and one of them is Credit Agricole, who upgraded Noble from "Underperform" to "Outperform. The also increased their price target from $32 to $39 a share.
Wells Fargo (NYSE:WFC) also showed interest in Noble recently, initiating coverage on them a couple of days ago.
Barron’s Jay Palmer also wrote an article in support of Noble several days ago, saying the company has positioned itself strongly in deepwater drilling, which will increasingly become a major source of oil and gas in emerging markets, including China.
Noble also has operations spread across the globe, lessening the impact of moratorium in the Gulf of Mexico.
Palmer gave this as a reason Noble remains negative to investors:
"One reason why Noble remains out of favor with investors is the company’s move this summer to purchase Frontier Drilling for $2.16 billion, money that investors would rather have seen distributed as a special dividend. The move, however, was quite canny, immediately doubling Noble’s backlog and adding seven rigs to its fleet. The deal also boosted the portion of revenue coming from deepwater rather than shallow-water operations, and deepwater is where the future action is."
Noble closed Thursday at $34.40, down $0.05, or 0.15 percent. Trading volume was low.
Wells Fargo (NYSE:WFC) also showed interest in Noble recently, initiating coverage on them a couple of days ago.
Barron’s Jay Palmer also wrote an article in support of Noble several days ago, saying the company has positioned itself strongly in deepwater drilling, which will increasingly become a major source of oil and gas in emerging markets, including China.
Noble also has operations spread across the globe, lessening the impact of moratorium in the Gulf of Mexico.
Palmer gave this as a reason Noble remains negative to investors:
"One reason why Noble remains out of favor with investors is the company’s move this summer to purchase Frontier Drilling for $2.16 billion, money that investors would rather have seen distributed as a special dividend. The move, however, was quite canny, immediately doubling Noble’s backlog and adding seven rigs to its fleet. The deal also boosted the portion of revenue coming from deepwater rather than shallow-water operations, and deepwater is where the future action is."
Noble closed Thursday at $34.40, down $0.05, or 0.15 percent. Trading volume was low.
Friday, August 20, 2010
Transocean (NYSE:RIG) Noble (NYSE:NE) Diamond (NYSE:DO) ENSCO (NYSE:ESV) All Down with Broader Market
Offshore drillers Transocean LTD (NYSE:RIG), Diamond Offshore Drilling, Inc. (NYSE:DO), Noble Corporation (NYSE:NE) and ENSCO PLC (NYSE:ESV) are all down today, as the broader market takes a hit before the weekend on weak economic data.
The reality of the ongoing recession has investors selling off, and offshore drillers aren't exactly considered a positive industry at the moment because of the consequences of the BP oil spill.
As of 2:00 PM EDT, all these offshore drillers are down from over 2 percent to over 3 percent.
Of course this could be positive for investors, who have been happy with the undervaluation of the industry, which gives them numerous buying opportunities in the sector.
The reality of the ongoing recession has investors selling off, and offshore drillers aren't exactly considered a positive industry at the moment because of the consequences of the BP oil spill.
As of 2:00 PM EDT, all these offshore drillers are down from over 2 percent to over 3 percent.
Of course this could be positive for investors, who have been happy with the undervaluation of the industry, which gives them numerous buying opportunities in the sector.
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