Canaccord Genuity Maintains a 'Hold' on Transocean (RIG); Fleet Status Update
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Price: $5.92 -1.5%
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Hold' on Transocean (NYSE: RIG) price target of $69.00.
Canaccord analyst, Scott Burk, said, "Transocean released a fleet status update with several new contracts. However, additional downtime lowers our 2011 and 2012 estimates. The BOEMRE report released on Wednesday faulted some of the actions/training of Transocean's crew, but largely places the blame for the blow out on BP (NYSE: BP)."
"A gradual improvement in offshore drilling supply/demand with offshore oil prices still well above $100/bbl is positive for RIG, including continued deployment of its mid-water fleet. The company's 6% dividend yield (supported by a ~$23B backlog) and discount to calculated NAV are also attractive. However, some peers offer better overall fleets, high dividends and no overhang from Macondo."
For more ratings news on Transocean click here and for the rating history of Transocean click here.
Shares of Transocean closed at $58.59 yesterday.
Canaccord analyst, Scott Burk, said, "Transocean released a fleet status update with several new contracts. However, additional downtime lowers our 2011 and 2012 estimates. The BOEMRE report released on Wednesday faulted some of the actions/training of Transocean's crew, but largely places the blame for the blow out on BP (NYSE: BP)."
"A gradual improvement in offshore drilling supply/demand with offshore oil prices still well above $100/bbl is positive for RIG, including continued deployment of its mid-water fleet. The company's 6% dividend yield (supported by a ~$23B backlog) and discount to calculated NAV are also attractive. However, some peers offer better overall fleets, high dividends and no overhang from Macondo."
For more ratings news on Transocean click here and for the rating history of Transocean click here.
Shares of Transocean closed at $58.59 yesterday.
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