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Pacific Drilling S.A. Message Board

  • zalm_met_viagra zalm_met_viagra Sep 3, 2013 6:17 PM Flag

    PACD preferred by Barclays - very positive

    Ensco downgraded at Barclays on concerns over operational execution

    Ensco (ESV -2.1%) is downgraded to Equal Weight from Overweight with a $60 price target (from $82) at Barclays, which sees continued high levels of unplanned downtime prompting concerns with ESV's operational execution, despite its high-quality mixed fleet of relatively standardized assets.
    The firm prefers ultra-deepwater pure-plays, including Ocean Rig (ORIG +2.1%) and Pacific Drilling (PACD +2.6%), and catalyst-rich offshore drillers led by Noble Corp. (NE -0.4%), which is undergoing operational improvements and is moving forward with a meaningful non-core asset divestiture.

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    • PACD is such a pure play in the UDW niche with the newest fleet and best technology. Great contracts in place with Chevron. With day rates through the roof (and no indication that they are going lower), and costs at around $189,000/day, they are, literally, minting $$$. Lots of debt but the cash-flow can cover it. Seems like only a matter of time until one of the big integrated players or bigger drillers makes a run at it. Buy it and put it away.

      Sentiment: Strong Buy

9.97-0.05(-0.50%)Jul 23 4:02 PMEDT

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