Jefferies Assumes Coverage on Transocean (RIG) at Buy; Operations Getting Better
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Price: $5.78 -2.69%
Rating Summary:
16 Buy, 12 Hold, 14 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
16 Buy, 12 Hold, 14 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Jefferies assumes coverage on Transocean (NYSE: RIG) with a Buy. PT $60.00.
"We believe RIG has the best near-term re-contracting exposure in the deep and ultra-deepwater segments as well as the very strong North Sea midwater market, with the very real possibility in our view of reactivating at least one of its currently stacked floating rigs. We acknowledge that operations can remain lumpy and that shipyard execution remains a risk given RIG is still in the 6th inning of its recertification program, but we believe three strong recent quarters of only minimally lumpy revisions to expected downtime and revenue efficiency challenges suggest previous issues were more of a blip than a new norm. Generally strong market trends across asset classes and a continued ability to deliver operational results as it has to-date suggests to us that RIG could see the biggest earnings growth between 2012 and 2014 and for a compelling price."
For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.
Shares of Transocean closed at $46.61 yesterday.
"We believe RIG has the best near-term re-contracting exposure in the deep and ultra-deepwater segments as well as the very strong North Sea midwater market, with the very real possibility in our view of reactivating at least one of its currently stacked floating rigs. We acknowledge that operations can remain lumpy and that shipyard execution remains a risk given RIG is still in the 6th inning of its recertification program, but we believe three strong recent quarters of only minimally lumpy revisions to expected downtime and revenue efficiency challenges suggest previous issues were more of a blip than a new norm. Generally strong market trends across asset classes and a continued ability to deliver operational results as it has to-date suggests to us that RIG could see the biggest earnings growth between 2012 and 2014 and for a compelling price."
For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.
Shares of Transocean closed at $46.61 yesterday.
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