Williams Financial Group Downgrades Gulfmark Offshore (GLF) to Hold
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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!
Williams Financial Group downgraded Gulfmark Offshore (NYSE: GLF) from Buy to Hold with a price target of $34.00 on Q4 miss.
The analyst comments, "GLF missed EPS estimates with operational softness in the core North Sea, as well as Southeast Asia, as Americas activity benefited from a strong GOM. The North Sea is still unproven though GLF sentiment remains optimistic, but we prefer to see a quarter’s execution. Southeast Asia is likely to struggle for another quarter. GLF is transitioning to a stronger GOM in 2014 bolstered by newbuilds and mid-body extension projects, but to the detriment of 2013. Specific guidance led to a reduction in EPS for the year of more than 20%. Without greater clarity for operations in 2013 (48% contract cover), we believe it too early to use 2014 for valuation. Given our 2013 earnings reduction, we are lowering our price target to $34. Despite longer-term upside, we see little impetus for the stock based on 2013 guidance/valuation – as such we are downgrading the stock to Hold from Buy"
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 $35.59 yesterday, with a 52 week range of $27.17-$54.42.
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The analyst comments, "GLF missed EPS estimates with operational softness in the core North Sea, as well as Southeast Asia, as Americas activity benefited from a strong GOM. The North Sea is still unproven though GLF sentiment remains optimistic, but we prefer to see a quarter’s execution. Southeast Asia is likely to struggle for another quarter. GLF is transitioning to a stronger GOM in 2014 bolstered by newbuilds and mid-body extension projects, but to the detriment of 2013. Specific guidance led to a reduction in EPS for the year of more than 20%. Without greater clarity for operations in 2013 (48% contract cover), we believe it too early to use 2014 for valuation. Given our 2013 earnings reduction, we are lowering our price target to $34. Despite longer-term upside, we see little impetus for the stock based on 2013 guidance/valuation – as such we are downgrading the stock to Hold from Buy"
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 $35.59 yesterday, with a 52 week range of $27.17-$54.42.
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*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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