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August 4, 2014
10:28 EDTPACD, SDRL, ESV, ORIG, ATW, DO, HERO, RDC, RIGTransocean, 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.
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November 26, 2014
12:56 EDTSDRLOn The Fly: Midday Wrap
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12:48 EDTSDRLSeadrill says would revive dividend when sure cycle has turned
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12:24 EDTSDRLSeadrill cautious on macro environment as oil price drops
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11:33 EDTRIGTransocean falls to multi-year lows, levels to watch
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10:59 EDTESVStocks with call strike movement; ESV HAL
Ensco (ESV) March 44 call option implied volatility increased 3% to 35, Halliburton (HAL) April 57.5 call option implied volatility increased 2% to 32 according to IVolatility.
10:52 EDTRIGStocks with call strike movement; RIG NOV
Transocean (RIG) May 30 call option implied volatility increased 6% to 44, National Oilwell (NOV) November 80 call option implied volatility decreased 3% to 80 according to IVolatility.
10:27 EDTSDRLSeadrill dives after suspending dividends, earnings results
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10:01 EDTSDRLSeadrill, North Atlantic Drilling plunge after suspending dividends
Shares of two drilling contractors, Seadrill (SDRL) and North Atlantic Drilling (NADL), are both trading sharply lower this morning after each of the companies announced that they have suspended their dividends. WHAT'S NEW: Seadrill reported third quarter earnings per share of 31c, which significantly missed the consensus 67c estimate. Third quarter revenues were $1.29B, compared to $1.22B in the second quarter and the consensus estimate of $1.23B. As of September 30, cash and cash equivalents were $638M, an increase of $95M compared to the previous quarter. However, Seadrill announced it is suspending dividend distributions and focusing on debt reduction and value creating opportunities due to "significant deterioration" in the broader markets. Also this morning, another offshore drilling contractor, North Atlantic Drilling, said that due to the delay of its agreement with Russia's Rosneft, combined with a market which has become "significantly weaker" in the past quarter, the board of directors has resolved to suspend the regular quarterly cash dividend. WHAT'S NOTABLE: On November 7, North Atlantic Drilling, Seadrill and Rosneft announced the companies had mutually agreed to delay their announced transaction until the end of May 2015. The break rights under the transaction have also been extended to the end of May 2015 and the parties remain committed to the transaction. On May 26, North Atlantic Drilling announced that it had entered into a transaction between the company, Seadrill and Rosneft Oil of Russia. PRICE ACTION: In morning trading, shares of Seadrill fell nearly 17% to $17.23 and North Atlantic Drilling dropped 15% to $2.69.
09:35 EDTSDRLActive equity options trading
Active equity options trading according to Track Data: AAPL HPQ SDRL TASR FB TXN NFLX AMZN TWTR PBR
05:43 EDTSDRLSeadrill reports Q3 EPS 31c, may not compare to consensus 67c
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November 25, 2014
09:01 EDTPACDPacific Drilling investors approve share buyback program of up to 8M shares
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November 21, 2014
11:34 EDTSDRLSeadrill December volatility elevated into Q3 and outlook
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November 19, 2014
10:39 EDTRIGTransocean mentioned as short idea by Parus' Chatin, Bloomberg reports
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09:19 EDTPACDPacific Drilling to host special shareholder meeting
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November 18, 2014
16:20 EDTRIGTransocean provides fleet update summary
Transocean issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since October 15. The total value of new contracts since the October 15, 2014 Fleet Status Report is approximately $83M.
16:06 EDTORIGOcean Rig UDW signs loan agreement and files prospectus supplement
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November 17, 2014
07:12 EDTDO, RIG, ATWBloomberg / Mayer Brown to co-host a conference
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November 14, 2014
12:53 EDTRIGOmega Advisors gives quarterly update on stakes
NEW STAKES: AerCap Holdings (AER), Nordic American Offshore (NAO), Melco Crown Entertainment (MPEL), Groupon (GRPN), and Ashland (ASH). INCREASED STAKES: QEP Resources (QEP), United Continental (UAL), Cabot Oil & Gas (COG), Actavis (ACT), and KAR Auction Services (KAR). DECREASED STAKES: Sprint (S), SandRidge Energy (SD), Sirius XM Holdings (SIRI), Kinder Morgan (KMI), and Transocean (RIG). LIQUIDATED STAKES: QUALCOMM (QCOM), Ocwen Financial (OCN), Freeport-McMoRan (FCX), Boston Scientific (BSX), and Capital One (COF).
11:28 EDTRIGStocks with call strike movement; RIG GME
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10:03 EDTATWHigh option volume stocks
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