Dahlman Rose Assumes Coverage on Noble Corporation (NE) at Buy; Our Top Offshore Drilling Recommendation
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Price: $40.40 -1.2%
Rating Summary:
25 Buy, 7 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Rating Summary:
25 Buy, 7 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Trade NE Now!
Dahlman Rose assumes coverage on Noble Corporation (NYSE: NE) with a Buy. PT $48.00.
Dahlman analyst says, "Our earnings per share estimate for 2012 is being increased to $4.30 per share (from $3.53), and we are initiating a 2013 EPS estimate of $4.95 per share. At current price levels, NE is our top pick among the 11 offshore contract drillers we cover, and we recommend buying the stock."
"The Cycle Is Kicking In - Over the past six months, there has been a substantial improvement in demand for both floating rigs and jackups. In the third quarter alone, Noble won some 21 contracts, and in the first three weeks of October NE was awarded seven additional contracts. Of particular note, Noble put four of its moored deepwater semisubmersibles to work at $325,000 to $380,000 per day. We have also seen deepwater units for other contractors go to work at over $500,000 per day, and that number appears likely to climb in the next six to twelve months."
For more ratings news on Noble Corporation click here and for the rating history of Noble Corporation click here.
Shares of Noble Corporation closed at $35.49 yesterday, with a 52 week range of $27.33-$46.72.
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Dahlman analyst says, "Our earnings per share estimate for 2012 is being increased to $4.30 per share (from $3.53), and we are initiating a 2013 EPS estimate of $4.95 per share. At current price levels, NE is our top pick among the 11 offshore contract drillers we cover, and we recommend buying the stock."
"The Cycle Is Kicking In - Over the past six months, there has been a substantial improvement in demand for both floating rigs and jackups. In the third quarter alone, Noble won some 21 contracts, and in the first three weeks of October NE was awarded seven additional contracts. Of particular note, Noble put four of its moored deepwater semisubmersibles to work at $325,000 to $380,000 per day. We have also seen deepwater units for other contractors go to work at over $500,000 per day, and that number appears likely to climb in the next six to twelve months."
For more ratings news on Noble Corporation click here and for the rating history of Noble Corporation click here.
Shares of Noble Corporation closed at $35.49 yesterday, with a 52 week range of $27.33-$46.72.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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