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Noble Corp. Message Board

  • nysfparachute nysfparachute Jun 8, 2011 10:22 AM Flag

    another upgrade

    Dahlman Rose is upgrading their outlook for the jackup market as tendering activity has increased significantly. Firm says the outlook for all jackup segments is improving, and those companies with exposure stand to benefit. Firm says in their E&P Spending Survey published yesterday, they highlighted that global E&P spending is expected to rise 14% in 2011, compared to 12% expected previously. Also, more than half of E&Ps surveyed expect 2012 budgets to be higher. As such, they believe the trend in the jackup market will be sustained through at least the next 18 months. They believe Transocean (RIG) and Noble (NE) are well positioned to benefit from this trend and view their shares as attractive. Firm reits their Buy on Transocean, with a price target of $85, and upgrade Noble (NE) to Buy from Hold with a $48 tgt. They also upgrade Ensco (ESV) to Buy from Hold following its completed merger with Pride, with a price target of $70. (ATW, DO, HERO, RDC, SDRL, and VTG).

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    • I can feel you on RIG. Been shorting the OTM puts and have it continually gap down 2-3% every day has been very, very painful. Fortunately, my OTM puts were so out the money, even a drop of $8 has me still in the green. No way should Rig be trading in the low 60s, they are a leader after all.

    • sure as soon as we get to $100 a share LOL any day now.

    • any thoughts to another stock split like NE had in 2007?

    • ok Chute, now I'm getting frustrated too....this kind of rally and NE cant even broach 40? No love here whatsoever......

    • Not about JUs or upgrades, just a clip from the WSJ about XOM announcing that their Hadrian prospects in the Gulf are pretty stout:

      "HOUSTON—Exxon Mobil Corp. on Wednesday unveiled two major oil discoveries and a natural-gas find in the deep-water Gulf of Mexico that combined could contain more than 700 million barrels of recoverable oil and gas resources—a sign that the region's energy potential is starting to reawaken from its Deepwater Horizon slumber.

      Two of the finds, at the Hadrian South and Hadrian North prospects, had been made in 2009 and 2010 respectively, but the company waited until Wednesday to announce the amount of oil equivalent they contained. A third discovery was made in the same block.."

      • 2 Replies to petroglyph56
      • A bit more detail on the XOM oil find, evidently the biggest oil find in the gulf in a decade:

        Exxon Mobil Corp. (XOM) announced it found the equivalent of 700 million barrels of oil beneath the Gulf of Mexico, the biggest discovery in the region in 12 years.

        The estimated size of the Hadrian field may increase as drilling continues, Exxon said in a statement today. The discovery is about 250 miles (400 kilometers) southwest of New Orleans in 7,000 feet of water, Irving, Texas-based Exxon said.

        Exploratory drilling began in 2009 at the prospect and the company had finished two wells when a record oil spill from BP Plc’s Macondo well last year prompted a U.S. moratorium on deep- water exploration. Exxon confirmed the find with a third well it began drilling on March 26 under new government safety rules designed to protect rig workers and the environment.

        Exxon’s Hadrian discovery is the biggest in the Gulf since BP’s 1 billion-barrel Thunder Horse find in 1999, Mohammad Rahman, a senior analyst at Wood Mackenzie Ltd. in Houston, said today in a telephone interview. Exxon engineers now are drilling deeper on the third Hadrian well, which currently extends 23,000 feet beneath the sea surface, because they believe there is more oil to be found, company spokesman Patrick McGinn said during an interview today.

        “This is a very, very significant find,” Rahman said. “When a supermajor like Exxon Mobil throws a number like 700 million at you, it indicates they are very confident in what they’ve got here.”

        The Gulf accounted for 29 percent of U.S. crude production in 2009, according to the Energy Information Administration. Wells in water 1,000 feet or deeper accounted for 81 percent of the Gulf’s oil output last year,

      • ExxonMobil Announces Three Discoveries in Deepwater Gulf of Mexico

    • target $48 sounds quite lovely! wink wink

      • 1 Reply to iamjerilee
      • I'm still thinking the way to make money in NE this summer is to scale into these dips and then sell what I'm expecting to be tepid rallies that stop more or less where the main resistance points are. For NE that's around the 50 day sma at 42. Maybe on a good day you get a spike to 43.

        This corresponds to my sense of the market which is that it won't make it's next big move until the fall when it becomes obvious whether the economic soft patch is something worse or a pause before a reacceleration. There is often a summer rally in July....low volume, traders just doing there thing. Best of luck to everyone.

20.92+0.39(+1.90%)Oct 31 4:03 PMEDT

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