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March 5, 2013
13:33 EDTBP, RIG, HALTransocean manager says employee misinterpreted Macondo test, Bloomberg says
A Transocean (RIG) employee misinterpreted the results of a test before the 2010 oil spill in the Gulf, the employee's manager testified, according to Bloomberg. Plaintiffs suing defendants BP (BP), Transocean, and Halliburton (HAL) point to the missed test as a key cause of the disaster, the news service added. Reference Link
News For RIG;BP;HAL From The Last 14 Days
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September 28, 2015
11:31 EDTRIGDeutsche Bank sees bottom nearing for offshore drillers, upgrades two in space
Detusche Bank upgraded Diamond Offshore (DO) and Transocean (RIG) to Hold from Sell, saying that the companies should be boosted by upcoming reductions in the number of drilling rigs deployed by energy companies. WHAT'S NEW: As many as 180 drilling vessels may cease activity over the next 12-18 months, wrote Deutsche Bank analyst Mike Urban today. The energy sector seems to have become "more realistic" about the need to reduce supply and the offshore drilling industry is "on the cusp of a major restructuring" that should mark the bottom for valuations and pricing, he explained. Addressing the long-term outlook of deepwater drilling, Urban contended that the consensus outlook, which predicts that deepwater drilling will disappear, is incorrect. In ten years, there will be demand for 320 floating rigs, versus the 225 that are active today, Urban predicted. Over the long-term ,energy companies will have to "go where the oil is," and the oil is located in deep water, the analyst explained. He raised his price target on Diamond to $21 from $17 and on Transocean to $10 from $6. WHAT'S NOTABLE: A former executive at Petrobras (PBR) testified to receiving payments made by someone claiming to be an agent of Transocean in exchange for a rig-operation contract, linking the offshore rig contractor for the first time to the corruption probe of Brazil's state-run oil company, reported Bloomberg on September 24. The news outlet cited testimony from last month as its source for the story. Subsequently, Transocean said that it had not identified any wrongdoing by its employees vis-a-vis Petrobras and is "committed to doing business lawfully and with the highest ethical standards." PRICE ACTION: In morning trading, Diamond fell 4% to $17.62 and Transocean lost 1.75% to $12.36. OTHERS TO WATCH: Other oil and gas well drillers include Helmerich & Payne (HP), Ensco (ESV), Nabors Industries (NBR) and Seadrill (SDRL), all of which are in negative territory this morning.
10:37 EDTHALAnalysts sees upside for Halliburton as Baker Hughes deal moves forward
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10:00 EDTBPOn The Fly: Analyst Initiation Summary
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10:00 EDTRIGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ANI Pharmaceuticals (ANIP) upgraded on valuation at Roth Capital... AbbVie (ABBV) upgraded to Neutral from Sell at Citi... Astec (ASTE) upgraded to Accumulate from Neutral at Global Hunter... Atmel (ATML) upgraded to Strong Buy from Outperform at Raymond James... BAE Systems (BAESY) upgraded to Outperform from Market Perform at Bernstein... BG Group (BRGYY) upgraded on valuation at BMO Capital... Boston Scientific (BSX) upgraded to Buy from Hold at Needham... C.H. Robinson (CHRW) upgraded to Buy from Hold at BB&T... Citi (C) upgraded to Buy from Hold at Jefferies... Diamond Offshore (DO) upgraded to Hold from Sell at Deutsche Bank... Endologix (ELGX) upgraded to Buy from Neutral at BTIG... Infosys (INFY) upgraded to Hold from Sell at Societe Generale... J.C. Penney (JCP) upgraded on confidence in CEO, initiatives at Sterne Agee CRT... Knowles (KN) upgraded to Market Perform from Underperform at FBR Capital... Lexicon (LXRX) upgraded to Hold from Sell at Gabelli... MTN Group (MTNOY) upgraded to Buy from Hold at Deutsche Bank... Natera (NTRA) upgraded to Outperform from Neutral at Wedbush... Omnicell (OMCL) upgraded to Buy from Neutral at Sidoti... RBC Bearings (ROLL) upgraded to Buy from Accumulate at Global Hunter... Raptor Pharmaceuticals (RPTP) upgraded to Perform from Underperform at Oppenheimer... Regal Entertainment (RGC) upgraded to Buy from Neutral at B. Riley... Repsol (REPYY) upgraded on valuation at BMO Capital... Star Bulk Carriers (SBLK) upgraded to Buy from Hold at Deutsche Bank... Stoneridge (SRI) upgraded to Buy from Hold at BB&T... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... Vertex (VRTX) upgraded to Buy from Hold at Argus... Wabash (WNC) upgraded to Buy from Accumulate at Global Hunter.
08:03 EDTBPBP initiated with an Outperform at BMO Capital
06:57 EDTRIGDiamond Offshore upgraded to Hold from Sell at Deutsche Bank
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06:56 EDTRIGTransocean upgraded to Hold from Sell at Deutsche Bank
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06:48 EDTHALHalliburton and Baker Hughes announce additional divestiture proposals
Halliburton (HAL) and Baker Hughes (BHI) announced that the companies will market for sale additional businesses in connection with Halliburton's pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton's acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton's expandable liner hangers business, which is part of the company's Completion & Production Division; Baker Hughes' core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes' offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom. The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2B. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company's board, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.
06:20 EDTBPBP not concerned over hostile takeover due to Macondo disclaimer, Bloomberg says
BP, which is allegedly readying defenses for potential acquisition offers, isn't concerned about a hostile takeover because of a disclaimer in its Macondo spill settlement that could put $12.6B onto the price tag, Bloomberg reports. A potential buyer may have to accelerate the payment of as much as two-thirds of the $18.7B in penalties BP agreed to pay the U.S. and several states, the report says, citing company filings. An option that provides the government and certain states the power to demand faster payment in a takeover basically hands them a veto over any deal, the report says. Reference Link
September 25, 2015
09:43 EDTRIGTransocean says has not identified any wrongdoing related to Petrobras
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September 24, 2015
15:58 EDTRIGTransocean puts active, reportedly being linked to Petrobras corruption probe
Transocean (RIG) September weekly 13.5 & 14 puts are active on total put volume of 35K contracts (14K puts) after being linked to Petrobras (PBR) corruption probe, Bloomberg reports. September weekly put option implied volatility is at 96, October is at 78; compared to its 52-week range of 30 to 88. Active put volume suggests traders taking positions for downside price movement.
15:52 EDTRIGTransocean linked to corruption probe of Petrobras, Bloomberg reports
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15:52 EDTRIGOptions with increasing volume; RIG YNDX BLK BBBY TOL HES CC
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15:47 EDTRIGTransocean down 6.5% after reportedly being linked to Petrobras corruption probe
15:46 EDTRIGTransocean linked to Petrobras corruption probe, Bloomberg says
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06:52 EDTHALFracking companies see bankruptcies, closures, WSJ reports
A series of bankruptcies and closures has swept across the oil industry, with dozens of mostly small, privately owned fracking companies at risk, the Wall Street Journal reports. Most companies that help oil and gas explorers drill and frack wells are small, privately owned and fairly young, the report says. The fall in oil prices has played a large role in the failures of many of these companies, the report says. Companies in the space include Key Energy Services (KEG), Basic Energy Services (BAS), Schlumberger (SLB), and Halliburton (HAL). Reference Link
06:20 EDTBPBP management to meet with Jefferies
Meetings to be held in Chicago/Kansas City/Minneapolis September 29- October 1 hosted by Jefferies.
September 23, 2015
16:00 EDTRIGOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
September 22, 2015
14:14 EDTHALWeatherford spikes after cancelling share offering
Shares of Weatherford (WFT) spiked Tuesday after the company cancelled plans for a public share offering, saying it was "unwilling to sell securities at prices that do not reflect the value" created at the company. Several analysts weighed in on the news, appearing generally bullish on the company but disagreeing on whether Weatherford should focus on its own operations or continue to pursue acquisitions. FOCUS ON FUNDAMENTALS: Jefferies analyst Brad Handler reiterated his Buy rating and $13 price target on Weatherford shares, explaining that the capital increase plans would likely have gone towards buying Halliburton (HAL) drilling assets at an "unattractive" price point. Note that Halliburton is conducting various asset divestitures as part of its planned takeover of Baker Hughes (BHI), with Bloomberg reporting on September 14 that Weatherford had made a bid for the service portion of Halliburton's Sperry Drilling unit. In today's note, Handler acknowledged that the potential acquisition would add some "meaningful" synergies on paper, but he also highlighted the risk of further diluting Weatherford share value. Handler concluded that he is generally more comfortable with a Weatherford "that walks before it runs," adding that he hopes the company "continues to resist the temptation" of large acquisitions amid the current sector downturn. ACQUISITION POTENTIAL: Iberia analyst Robert MacKenzie said he is a buyer of Weatherford shares after Monday's 17% selloff prior to the capital raise cancellation last night. Although an acquisition by Weatherford is less likely without the funds from the public offering, it is still possible, "especially considering that no mention of backing away from their acquisition intent was made in the most recent press release," MacKenzie noted. However, Weatherford's press release announcing the capital raise specifically cited the need to pre-fund potential acquisitions, while its cancellation notice emphasized a focus on core businesses and efficient operations. Nevertheless, MacKenzie argued that Halliburton "remains a motivated seller" and called Weatherford the "most logical" candidate to pick up the company's previously-mentioned assets, saying the potentially transformative acquisition would make "tremendous sense." PRICE ACTION: Weatherford shares are up more than 8.5% to $9.13 in intraday trading after falling throughout yesterday's session on the company's initial decision to pursue a public offering.
13:13 EDTBPBP initiated with a Neutral at Macquarie
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