11.03 -0.02 (-0.18%)
Pre-market: 9:20AM EDT
|Bid||11.07 x 700|
|Ask||11.09 x 100|
|Day's range||11.03 - 11.28|
|52-week range||7.20 - 16.66|
|PE ratio (TTM)||-3.65|
|Earnings date||31 Oct 2017 - 6 Nov 2017|
|Dividend & yield||0.00 (0.00%)|
|1y target est||11.43|
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.
When Ensco (ESV) announced its planned purchase of Atwood Oceanics (ATW) in June, we noted that it was, perhaps, the first sign of a bottom in the offshore drillers. Since then Transocean (RIG) agreed to acquire Songa Offshore, and now Rowan (RDC) is said to be interested in acquiring Maersk's drilling business.
Shares of offshore drilling and services companies surged on Monday after UBS raised its price targets for several stocks in the space.
Shares of Transocean fell more after Borr Drilling announced it will acquire 15 of Transocean's rigs in a deal valued at $1.35 billion.
Driller stocks are rising, as Oklahoma City-based Devon Energy leaped more than 13.5 percent in morning trade.