Exxon can't drill for oil in Africa due to ebola.
There are no reports of ebola on drillships yet. Awesomeness!
Not sure how you know when they will bottom. This sure is painful. Definitely management should avoid all investor conferences. Every time they open their mouths, we lose another 10%.
Just because other companies were building new rigs, didn't mean NE had to. Then there is the spinoff which is another fiasco. I am not pleased.
You understand they just had a spinoff here? I would not hold your breath for a merger anytime soon. That would be financial suicide.
if I was an institutional investor, I would have pushed for some board changes instead of just letting things continue.
Your statements make sense; hopefully you are wrong in your prediction. The fleet status reports are helpful in that the contracts are fairly transparent about ending dates, rates, and extensions. The unexpected downtime has finally slowed and the new drillships coming on line should bring more money to the bottom line. Perhaps they will use that to scrap the ships that are beyond their expected life. No sense paying storage costs and taxes for something with little or no value. Dare to dream.
Only thing I could see them doing of worth at this point is foregoing their unearned salaries in lieu of stock with a strike price way above today's value. 2 Chances of that happening--slim and none. Hopefully we will not be reading that they are selling the shares that they continue to be handed as part of their pay.
Personally, I would like to hear of some management firings. The Chairman's last job before he is forced out himself should be to dump the CEO and the CFO.
Why are they lemmings? Making money is hard. Don't you wish you sold a few weeks ago? Seems like you could easily buy in at a lower price. Management has failed the investors.
I continue to be against the dividend at this point. I would much prefer a higher stock price Here we are with the new ships coming on line. Take the profits and put the money against debt. Create a cash hoard instead of a continued interest payment. As it is, traders are cycling in, getting the dividend and then selling. That helps them, but it doesn't make the company healthier or more attractive.
As for today, you can tell there was a speaking engagement by our fearless leaders because the price tanked some more.
As for PGN's fall, why are any of you surprised? Older rigs, falling rates, making money, but no growth outlook. This one was obvious. Who is looking for dividend stocks anymore? That's probably not why you own it. Now there is a higher tax rate. Good one.
I'm here for the long haul. Chillax.
Sentiment: Strong Buy
No problem giving the options. Just price them out of the money at $40 for NE and $18 for PGN.
Sentiment: Strong Buy
Skyrocketing? Did it hit 60, 50, or 40 yet? Nice to see green, but not that excited yet.
Seriously? Even if you don't like what he has to say, he hasn't been wrong. Management has not made good decisions. Have you looked at the stock price? Take your head out of the sand.
Hwan has been right more than he has been wrong. Management has been wrong more than they have been right. The building program was too much. The downtime problems were too much. The dividend increase was too much. The spin-off is a joke. They could have socked away cash, had enough to break down their old rigs, and then buy some new ones from one of the other drillers for pennies on the dollar from other companies that over-built too. Heck, they could have bought another driller or merged with one as the bigger partner. The market went up and NE missed it. Then it went down and down we go. No way I'm going to give them a pass. They don't deserve it. This is a $60 stock trading for $19. It's not the end of the world but it isn't good either. If you make a few million a year, you can take some negative criticism--especially if it is deserved.
The guy is #$%$ as he has the right to be. Before, the spin was that the analysts were all wrong. Now the spin is "in this declining rig rate environment, blah, blah, blah". At 5% dividend, it will take 10 years to get our money back. Management should take a paycut.
Disagree. Increasing the dividend was a bad idea. Buying stock is a bad idea too. Take care of the company and the stock price will follow. Reduce debt, get contracts, keep downtime to nothing.