Global Hunter Securities Upgrades Gulfmark Offshore (GLF) to Neutral; Poor 1Q; GOM Recovery Coming Slowly

April 27, 2011 7:39 AM EDT
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Price: $1.40 +12.00%

Rating Summary:
    5 Buy, 7 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Global Hunter Securities upgraded Gulfmark Offshore (NYSE: GLF) from Reduce to Neutral. PT $41.

Global analyst says, "GLF reported a loss of ($0.05) for the quarter, below our estimate of $0.18 and consensus at $0.15. The headline shock drove underperformance at the open, but the miss was a function of top line shortfall as the quarter produced lower North Sea utilization with two larger vessels in dry dock. EBITDA of just $19MM was below our expectation of $25.3MM."

"Since our downgrade in late February, the stock has lagged peer Hornbeck Offshore (NYSE: HOS) and the OSX. GLF is down 3%, while HOS is +9% and the OSX is +7%. Unwarranted enthusiasm following the last quarter results drove the stock higher, in our opinion, and we felt that the company's valuation became unsubstantiated, which resulted in our downgrade. However, based on yesterday's closing price, the stock now trades just 2.5% above our price target. Thus, we are raising our rating to Neutral."

For more ratings news on Gulfmark Offshore click here and for the rating history of Gulfmark Offshore click here.

Shares of Gulfmark Offshore closed at $42.01 yesterday.

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