Global Hunter Securities Maintains an 'Accumulate' on Gulfmark Offshore (GLF); Cutting PT and Estimates
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Price: $46.45 +1.53%
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade GLF Now!
Global Hunter Securities maintains an 'Accumulate' on Gulfmark Offshore (NYSE: GLF) price target lowered from $63 to $57.
Analyst, Jeff Spittel, said, "We are lowering our 2012 and 2013 estimates and our price target on GLF after investors took the stock behind the woodshed yesterday due to disappointing 1Q12 results punctuated by downtime related to vessel mobilizations and acute seasonality. Concerns associated with operating cost escalation and wage inflation on vessels redeploying to the GOM compounded the negative sentiment around the stock. In our view, patient investors don't need to panic. We'll remind the reader that GLF is poised to generate impressive earnings growth in 2013 related to the addition of seven high specification vessels into the improving North Sea and Americas contracting environments. As such, investors with a 12-month or longer investment horizon should be at least nibbling at the stock on the long side here."
FY12 EPS estimate cut from $3.36 to $2.64 and FY13 from $5.40 to $4.75.
For an analyst ratings summary and ratings history on Gulfmark Offshore click here. For more ratings news on Gulfmark Offshore click here.
Shares of Gulfmark Offshore closed at $45.26 yesterday, with a 52 week range of $32.34-$56.41.
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Analyst, Jeff Spittel, said, "We are lowering our 2012 and 2013 estimates and our price target on GLF after investors took the stock behind the woodshed yesterday due to disappointing 1Q12 results punctuated by downtime related to vessel mobilizations and acute seasonality. Concerns associated with operating cost escalation and wage inflation on vessels redeploying to the GOM compounded the negative sentiment around the stock. In our view, patient investors don't need to panic. We'll remind the reader that GLF is poised to generate impressive earnings growth in 2013 related to the addition of seven high specification vessels into the improving North Sea and Americas contracting environments. As such, investors with a 12-month or longer investment horizon should be at least nibbling at the stock on the long side here."
FY12 EPS estimate cut from $3.36 to $2.64 and FY13 from $5.40 to $4.75.
For an analyst ratings summary and ratings history on Gulfmark Offshore click here. For more ratings news on Gulfmark Offshore click here.
Shares of Gulfmark Offshore closed at $45.26 yesterday, with a 52 week range of $32.34-$56.41.
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