19.63 0.00 (0.00%)
After hours: 4:32PM EST
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||19.01 - 19.75|
|52 Week Range||10.06 - 20.41|
|PE Ratio (TTM)||16.22|
|Forward Dividend & Yield||0.00 (0.00%)|
|1y Target Est||N/A|
The remaining 41% recommend a “sell” for Diamond Offshore stock. Its consensus 12-month target price of $19.93 implies a downside of 27.6%, based on its current market price of $19.9 on January 11, 2018. While it’s important to look at analysts’ current ratings, recent changes to recommendations and target prices provide insight into the latest changes in the market sentiment for a stock.
In the week ended January 5, 2018, Jefferies and Citigroup revised their target prices and recommendations for offshore drilling stocks. On January 5, 2018, Citigroup raised its target price for Ensco (ESV) to $7.7 from $7.5. Earlier, Jefferies raised its target price to $6 and maintained a “hold” rating on Ensco.
The Zephirin Group's “Lenny” Zephirin takes a look at the offshore drilling market on Friday, writing that Brazil continues to play an important role in demand for rigs, a trend that looks set to continue for the next four years. He notes that on Thursday, Diamond Offshore Drilling (DO) announced it had reached an agreement in a long-standing dispute with Petrobras (PBR), relating to its Ocean Valor contract. While some may be happy about the resolution, Zephirin notes that the day rate is much lower than the original contract at $455,000 per day and the estimated standby rate at $430,oo0 per day. Ocean RIG UDW (ORIG – SELL) has two rigs that are up for renewal, the Mykonos (current rate at $455k/d Mar-18) and the Corcovado (current rate at $460k/d June- 18). Diamond is down 2.5% to $19, and Petrobras is up 0.3% to $11.04.
Jefferies' Brad Handler and his team have an update on oilfield services companies today, writing that he sees brighter times ahead, given a better outlook for oil prices in 2018, as well as reasonable consensus estimates. To wit, he upgraded Transocean (RIG) to Buy from Hold, with a $13 price target, while downgrading Diamond Offshore Drilling (DO) to Underperform from Hold, while maintaining a $15 price target. Handler writes that Transocean offers an attractive mix, with a backlog through the medium- to long-term, but still leverage to the recovery, which should allow it to outperform peers, and provides a good way to get in early to the offshore drilling recovery in coming years. While he sees "flattish" near-term earnings, the picture begins to brighten.
Baker Hughes released its US crude oil rig count report on December 29. It reported that US crude oil rigs were flat at 747 on December 22–29, 2017.
This month, crude oil prices, a key factor in the fortunes of offshore drillers (OIH), crossed $60 per barrel for the first time in the last 2.5 years.
According to Baker Hughes, US natural gas rigs rose by three to 183 on December 8–15, 2017. US natural gas rigs were near a ten-week high.
Diamond Offshore Drill shows rising price performance, earning an upgrade to its IBD Relative Strength Rating.
Categories: ETFs Yahoo FinanceClick here to see latest analysis ETFs with exposure to Diamond Offshore Drilling, Inc. Here are 5 ETFs with the largest exposure to DO-US. Comparing the performance and risk of Diamond Offshore Drilling, Inc. with the ETFs that have exposure to it gives us some ETF choices that could give us similar returns with lower ... Read more (Read more...)
Noble Corporation (NE) is the third-best-performing stock among its peers, behind Diamond Offshore Drilling (DO) and Rowan Companies (RDC).
Baker Hughes will publish its US natural gas rig count report on December 8, 2017. Gas rigs rose by four to 180 on November 22–December 1, 2017.