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Stock Market & Financial Investment News

News Breaks
August 4, 2014
10:28 EDTORIG, ATW, DO, HERO, RDC, RIG, PACD, SDRL, ESVTransocean, peers slip after Deutsche downgrades several in sector
Shares of companies that provide offshore drilling services are falling after Deutsche Bank wrote that investors are underestimating the weakness of the sector's dynamics and lowered it ratings on several of the stocks in the industry. WHAT'S NEW: The rates and utilization of older drilling rigs are dropping rapidly and significantly, Deutsche Bank analyst Mike Urban wrote in a note to investors earlier today. Meanwhile, the amount of rigs available continues to increase quickly, Urban wrote. Investors believe that self-elevating rigs, known as jackups, will not suffer similar price decline, the analyst stated. However, the supply of jack-ups is poised to increase "dramatically" in the second half of 2014 and through 2017, Urban believes. Demand is highly unlikely to keep up with supply growth and jackup rates and utilization should consequently be pressured starting in the second half of 2014 and well into 2015, Urban believes. Offshore drilling stocks are likely to drop an average of 13% from current levels, and consensus estimates for the sector are an average of 23% too high, Urban estimated. He downgraded Diamond Offshore (DO), Ensco (ESV), and Transocean (RIG) to Sell from Hold. The analyst downgraded Noble Corp (NE) to Hold from Buy. Urban kept Hold ratings on Atwood Oceanics (ATW), Rowan Companies (RDC), and Seadrill Limited (SDRL). He maintained Buy ratings on Hercules Offshore (HERO), Ocean Rig (ORIG) and Pacific Drilling (PACD). PRICE ACTION: In early trading, Transocean fell 2.3% to $39.53, Diamond Offshore lost 0.3% to $46.30, Ensco lost 0.9% to $50.49, Noble Corp. gained 0.6% to $26.93, Atwood Oceanics fell 1% to $48, Rowan declined 1% to $30.29, Seadrill dropped 0.6% to $35.96.
News For RIG;DO;ESV;RDC;ATW;SDRL;HERO;ORIG;PACD From The Last 14 Days
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May 18, 2015
13:48 EDTESVEnsco reports departure of chairman Dan Rabun
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11:15 EDTRIGStocks with call strike movement; CHK RIG
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10:01 EDTATWOn The Fly: Analyst Downgrade Summary
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09:04 EDTORIGDryShips announces contract extension, new contract for Ocean Rig Olympia
DryShips (DRYS), through its majority owned subsidiary, Ocean Rig UDW (ORIG) of off-shore deepwater drilling services, announced that in connection with the previously announced Omnibus Agreement with ENI Angola S.p.A, all closing conditions including approvals by national authorities and signing of definitive documentation have been satisfied. As a result Ocean Rig has extended the contract for the drillship Ocean Rig Poseidon for a further one year until 2Q17 with total contract backlog now standing at about $367M. In addition, Ocean Rig has entered into a new contract for the drillship Ocean Rig Olympia to drill offshore Angola commencing in Q3 for a minimum of 8 months with a total contract backlog of about $91M.
05:57 EDTATWAtwood Oceanics downgraded to Neutral from Buy at Goldman
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May 15, 2015
16:31 EDTRIGTransocean declares dividend of 60c per share
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10:45 EDTRIGStocks with call strike movement; CHK RIG
Chesapeake (CHK) October 17 call option implied volatility increased 2% to 45, Transocean (RIG) August 21 call option implied volatility increased 4% to 42 according to IVolatility.
09:41 EDTORIGOcean Rig UDW initiated with a Buy at Standpoint Research
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05:50 EDTRIGStocks with implied volatility movement; YOKU RIG
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May 14, 2015
16:15 EDTRDCRowan Companies files automatic mixed securities shelf
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May 13, 2015
12:01 EDTRIGStocks with call strike movement; TWTR RIG
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10:07 EDTORIGHigh option volume stocks
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May 12, 2015
12:13 EDTRIGStocks with call strike movement; AAL RIG
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May 11, 2015
16:11 EDTORIGOcean Rig UDW reports Q1 EPS 31c, consensus 8c
Reports Q1 revenue $402M, consensus $396.44M.
15:00 EDTORIGNotable companies reporting after market close
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14:10 EDTRIGBOEM conditionally approves revised Shell Chukchi Sea drilling plan
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11:40 EDTRIGStocks with call strike movement; CHK RIG
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09:59 EDTPACDOn The Fly: Analyst Downgrade Summary
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08:59 EDTPACDPacific Drilling downgraded to Neutral from Buy at Guggenheim
08:21 EDTESVMitsubishi UFJ to hold a tour
Energy Tour travels throughout Houston and San Antonio, Texas to meet with various energy companies on May 11.
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