Barclays on U.S. Oil Services & Drilling: Adjusting Offshore Driller Estimates for Downtime
Tweet
Share
E-mailGet Alerts ESV Hot Sheet
Price: $8.27 --0%
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays on U.S. Oil Services & Drilling: Adjusting Offshore Driller Estimates for Downtime
Barclays analyst, James C. West, said, "Offshore Drillers Realizing Increased Downtime: We are adjusting our EPS estimates for most of the offshore drillers to account for the recent uptick in downtime being realized largely as the result of heightened safety scrutiny. Long-Term Prospects Improving...But Near-Term Downtime Will Persist..."
"Adjusting Estimates: As a result of the recent increase in downtime we are
downwardly adjusting 3Q11 and 2011 EPS estimates for Ensco (NYSE: ESV) $0.88 from $0.91 in 3Q and to $3.25 from $3.55 for 2011) and for Noble (NYSE: NE) (to $0.48 from $0.57 in 3Q and to $1.50 from $1.70 for 2011). We are also downwardly adjusting 3Q11 and 2011 estimates for Rowan (NYSE: RDC), largely reflecting mobilization delays and dayrate adjustments (to $0.41 from $0.64 in 3Q11 and to $1.75 from $2.10 in 2011). We are upwardly adjusting our EPS estimates for Diamond (NYSE: DO) to $1.50 from $1.35 in 3Q and $6.25 from $5.90 in 2011. We are adjusting our 2011 EPS estimate for Transocean (NYSE: RIG) as the company is experiencing a considerable increase in downtime largely as the result of equipment replacement delays, BOP checks, and life enhancement upgrades. As a result, we are reducing our 3Q11 EPS estimates to $0.82 from $1.03, and our 2011 estimate to $3.50 from $3.80."
Barclays analyst, James C. West, said, "Offshore Drillers Realizing Increased Downtime: We are adjusting our EPS estimates for most of the offshore drillers to account for the recent uptick in downtime being realized largely as the result of heightened safety scrutiny. Long-Term Prospects Improving...But Near-Term Downtime Will Persist..."
"Adjusting Estimates: As a result of the recent increase in downtime we are
downwardly adjusting 3Q11 and 2011 EPS estimates for Ensco (NYSE: ESV) $0.88 from $0.91 in 3Q and to $3.25 from $3.55 for 2011) and for Noble (NYSE: NE) (to $0.48 from $0.57 in 3Q and to $1.50 from $1.70 for 2011). We are also downwardly adjusting 3Q11 and 2011 estimates for Rowan (NYSE: RDC), largely reflecting mobilization delays and dayrate adjustments (to $0.41 from $0.64 in 3Q11 and to $1.75 from $2.10 in 2011). We are upwardly adjusting our EPS estimates for Diamond (NYSE: DO) to $1.50 from $1.35 in 3Q and $6.25 from $5.90 in 2011. We are adjusting our 2011 EPS estimate for Transocean (NYSE: RIG) as the company is experiencing a considerable increase in downtime largely as the result of equipment replacement delays, BOP checks, and life enhancement upgrades. As a result, we are reducing our 3Q11 EPS estimates to $0.82 from $1.03, and our 2011 estimate to $3.50 from $3.80."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
- Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group
- Walmart (WMT) PT Lowered to $125 at JPMorgan, Overweight Rating Maintained as 'Short Case Feels Greedy'
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
