|Bid||9.86 x 200|
|Ask||9.93 x 200|
|Day's range||9.87 - 10.08|
|52-week range||7.20 - 16.66|
|PE ratio (TTM)||-3.28|
|Forward Dividend & Yield||0.00 (0.00%)|
|1y target est||N/A|
Find out why our energy experts think General Motors, NV5, and Transocean have the potential to see huge wins in the long run.
The story in the bond markets of late--maybe all markets--has been the future direction of Treasury yields, as traders are anticipating a hike in short-term rates in December and more hikes next year. Once investors realize they no longer need to stretch for yield by investing in the riskiest securities they are likely to shift to firmer ground, argues Thomas Byrne, director of fixed income at Wealth Strategies & Management. “As rates start to rise up throughout fixed income, investors will start to de-risk.” Yields on junk bonds are likely to widen as investors flee.
Last night, Transocean (RIG) announced that it had signed a two-year contract for its Deepwater Invictus rig with BHP Billiton (BHP). Evercore ISI analyst James West and team contend that the day rate implied by the contract is "near breakeven." He explains: While the firm $106 million backlog implies a disappointing near breakeven $145kpd UDW dayrate, we are encouraged by the contract's term (two year plus three one-year options) as it signals operators may finally be taking advantage of the industry's record trough dayrates and securing longer term contracts. The Zephirin Group's Longdley Zephirin contends that Transocean's day rate is better than that: According to management, the new crew will be agreed on at contract signing.
Baker Hughes (BHI) published its weekly US oil and gas count report on October 13. US oil rigs fell by five to 743 from October 6 to 13.
Baker Hughes (BHI) published its weekly US natural gas rig count report on October 13. Rigs fell by two to 185 from October 6 to 13—the lowest level since September 1.
Citigroup analyst Scott Gruber says it too soon. Gruber, while still finding it premature to be bullish on offshore driller fundamentals, says that if an upturn is forthcoming, Transocean should outperform given a "diminution" of concern toward its balance sheet and more new contract catalysts. At $10.43 a share, Transocean fell 1.7% in recent market action, while Diamond Offshore sank more than 3.6% to $14.45 a share.
A record rise in oil prices in the third-quarter of 2017 will likely help these energy companies post handsome quarterly numbers.
Stocks look set for a lower open amid uncertainty surrounding NAFTA and the future the Affordable Care Act. S&P 500 futures have fallen 0.2%, while Dow Jones Industrial Average futures have declined 0.1%. ...
U.S. supermajor Chevron (CVX) started production at its giant Wheatstone LNG project in Australia, while midstream operator Phillips 66 (PSX) announced a new $3 billion stock repurchase program.
In the week ending October 6, Noble was the worst-performing offshore driller (OIH), while Seadrill was the best performer.
Baker Hughes released its weekly US crude oil rig count report on October 6. The US crude oil rig count fell by two to 748 on September 29–October 6, 2017.
Investors in Transocean (RIG) need to pay close attention to the stock based on moves in the options market lately.
ExxonMobil (XOM) was toppled by Russia's Gazprom as the world's top energy company, while smaller rival Chevron (CVX) elected Michael Wirth to succeed john Watson as its next Chairman and CEO.