Dahlman Rose Starts Pacific Drilling S.A. (PACD) at Buy

September 27, 2012 7:17 AM EDT
Get Alerts PACD Hot Sheet
Price: $4.03 -0.49%

Rating Summary:
    5 Buy, 10 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Dahlman Rose initiates coverage on Pacific Drilling S.A. (NYSE: PACD) with a Buy rating and Price target of $12.50.

"The ultra-deepwater market has tightened considerably and has been effectively running at 100% utilization since the middle of 2011," said analyst James Crandell.

"Rig availability is very scarce in 2013, with just six uncontracted newbuilds and most active rigs likely to re-sign with their current operator. The tightening market has ratcheted up UDW dayrates, which have reached the high $500s in the GOM for a minimum three-year term and the mid-$600s in West Africa for similar term length," he said.

For an analyst ratings summary and ratings history on Pacific Drilling S.A. click here. For more ratings news on Pacific Drilling S.A. click here.

Shares of Pacific Drilling S.A. closed at $9.71 yesterday.

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