Devon Energy Co. (NYSE: DVN), Parker-Hannifin Co. (NYSE: PH), Noble Corporation (NYSE: NE), ENSCO PLC (NYSE: ESV), Foot Locker (NYSE: FL) and Pioneer Drilling Company (NYSE: PDC) have price targets adjusted by analysts.
Parker-Hannifin Co. (PH) had its price target lowered by Credit Suisse (NYSE:CS) to $90.00. They have an “Outperform” rating on the company.
Devon Energy Co. (DVN) had its price target lowered by Oppenheimer to $86.00. They have an “Outperform” rating on the company.
Noble Corporation (NE) had its price target lowered by Morgan Keegan from $46.00 to $42.00. They have an “Outperform” rating on the company.
ENSCO PLC (ESV) had its price target lowered by Morgan Keegan from $64.00 to $59.00. They have an “Outperform” rating on the company.
Foot Locker (FL) had its price target lowered by Jefferies (NYSE:JEF)to $22.00. They have a “Hold” rating on the company.
Pioneer Drilling Company (PDC) had its price target lowered by Morgan Keegan from $20.00 to $16.50. They have an “Outperform” rating on the company.
Showing posts with label Noble. Show all posts
Showing posts with label Noble. Show all posts
Wednesday, August 17, 2011
Thursday, April 21, 2011
Schlumberger (SLB), Weatherford (WFT) Boost Outlook for Oilfield Service Industry
The performance of oilfield service providers has been weak, as Gulf oil drilling permits remain extremely slow to obtain, terrible weather in Australia and unrest in the Middle East continues to weigh on the industry, although Schlumberger Ltd (NYSE:SLB) and Weatherford International Ltd (NYSE:WFT) provided a ray of hope as they boosted their outlook for the sector as exploration is speeding up and higher oil prices, along with demand, support the oil industry.
Schlumberger Chief Executive Officer Andrew Gould noted, "The absence of Libyan production worries the oil producers."
"I think that I'm much more confident that the international stream will come back faster," he added.
Bernard Duroc Danner, the CEO of Weatherford, said his company will increase capital expenditures to take advantage of improving international and North American markets for the company's services.
Assuming that's the case, it's good news in light of Diamond Offshore (NYSE:DO) reporting a 14 percent fall in quarterly profit as the rates paid for its oil and gas drilling rigs dropped. Rival Noble Corp (NYSE:NE) also reported an 85 percent decline in quarterly profit after the market close on Wednesday.
Schlumberger was trading at $89.98, gaining $2.09, or 2.38 percent, as of 2:57 PM EDT. Weatherford was at $20.68, falling $0.45, or 2.13 percent. Diamond Offshore was trading at $77.87, jumping $1.47, or 1.92 percent. Noble Corp. was trading at $42.80, losing $0.63, or 1.45 percent.
Schlumberger Chief Executive Officer Andrew Gould noted, "The absence of Libyan production worries the oil producers."
"I think that I'm much more confident that the international stream will come back faster," he added.
Bernard Duroc Danner, the CEO of Weatherford, said his company will increase capital expenditures to take advantage of improving international and North American markets for the company's services.
Assuming that's the case, it's good news in light of Diamond Offshore (NYSE:DO) reporting a 14 percent fall in quarterly profit as the rates paid for its oil and gas drilling rigs dropped. Rival Noble Corp (NYSE:NE) also reported an 85 percent decline in quarterly profit after the market close on Wednesday.
Schlumberger was trading at $89.98, gaining $2.09, or 2.38 percent, as of 2:57 PM EDT. Weatherford was at $20.68, falling $0.45, or 2.13 percent. Diamond Offshore was trading at $77.87, jumping $1.47, or 1.92 percent. Noble Corp. was trading at $42.80, losing $0.63, or 1.45 percent.
Thursday, January 27, 2011
Hercules (Nasdaq:HERO), Seahawk (Nasdaq:HAWK), ENSCO (NYSE:ESV), Rowan (NYSE:RDC), Noble (NYSE:NE) EPS All Lowered
Hercules (Nasdaq:HERO), Seahawk (Nasdaq:HAWK), ENSCO (NYSE:ESV), Rowan (NYSE:RDC) and Noble (NYSE:NE) all have a "Neutral" rating on them from, Global Hunter Securities, which also lowered the EPS estimates on all five of the companies.
Global says, "The supply/demand balance in the US Gulf jackup market may have come into question last week with the influx of five Noble Corp (NE) jackups for temporary stacking for cost savings purposes. We understand these rigs to be awaiting opportunity back in Mexico and are not immediately part of the marketed supply. However, we are reluctant to accept that all five rigs will return to Mexico under contract with PEMEX near-term, particularly given the NOC's desire to high-grade its rig fleet (despite the slowness of that process). While the potential to add rigs to the US market had existed with the notion of PEMEX upgrading its jackup fleet, we assumed PEMEX's tardiness to act suggests the US Gulf permitting process could be closer to normalization and rig demand potentially improving, similar to pre-Macondo levels..."
For Hercules Offshore (HERO) FY12 EPS lowered from -$0.34 to -$0.42 and PT cut from $3.40 to $3.10.
For Seahawk Drilling (HAWK) FY11 EPS lowered from -$3.81 to -$3.90 and FY12 from -$3.31 to -$4.25. PT lowered from $10 to $8.50.
For ENSCO International (ESV) FY11 EPS lowered from $4.39 to $3.97 and FY12 from $5.49 to $5.43. PT increased from $47 to $55.
For Rowan (RDC) FY11 EPS lowered from $2.30 to $2.20 and FY12 from $3.69 to $3.62. PT increased from $32 to $36.
For Noble (NE) FY11 EPS lowered from $3.25 to $2.07 and FY12 from $4.95 to $4.33. PT increased from $37 to $40.
"Our price targets fluctuate as a result of our estimate changes, but are higher for ESV, RDC and NE as we roll into 2012 estimates for our valuation (more detail in company-specific section below). We have a Neutral outlook for the group, and we are maintaining our Neutral ratings on each of the five stocks mentioned in this report."
Global says, "The supply/demand balance in the US Gulf jackup market may have come into question last week with the influx of five Noble Corp (NE) jackups for temporary stacking for cost savings purposes. We understand these rigs to be awaiting opportunity back in Mexico and are not immediately part of the marketed supply. However, we are reluctant to accept that all five rigs will return to Mexico under contract with PEMEX near-term, particularly given the NOC's desire to high-grade its rig fleet (despite the slowness of that process). While the potential to add rigs to the US market had existed with the notion of PEMEX upgrading its jackup fleet, we assumed PEMEX's tardiness to act suggests the US Gulf permitting process could be closer to normalization and rig demand potentially improving, similar to pre-Macondo levels..."
For Hercules Offshore (HERO) FY12 EPS lowered from -$0.34 to -$0.42 and PT cut from $3.40 to $3.10.
For Seahawk Drilling (HAWK) FY11 EPS lowered from -$3.81 to -$3.90 and FY12 from -$3.31 to -$4.25. PT lowered from $10 to $8.50.
For ENSCO International (ESV) FY11 EPS lowered from $4.39 to $3.97 and FY12 from $5.49 to $5.43. PT increased from $47 to $55.
For Rowan (RDC) FY11 EPS lowered from $2.30 to $2.20 and FY12 from $3.69 to $3.62. PT increased from $32 to $36.
For Noble (NE) FY11 EPS lowered from $3.25 to $2.07 and FY12 from $4.95 to $4.33. PT increased from $37 to $40.
"Our price targets fluctuate as a result of our estimate changes, but are higher for ESV, RDC and NE as we roll into 2012 estimates for our valuation (more detail in company-specific section below). We have a Neutral outlook for the group, and we are maintaining our Neutral ratings on each of the five stocks mentioned in this report."
Friday, December 3, 2010
Noble (NYSE:NE) Lowered on Gulf Uncertainties
Noble Corporation (NYSE:NE) was removed from the "Top Picks List" of FBR Capital, citing ongoing uncertainty in the Gulf of Mexico.
FBR said, "We are lowering our estimates on Noble based on (1) Marathon Oil's (NYSE: MRO) intention to cancel its contract on the Noble Jim Day rig due to uncertainty in the GOM and (2) our expectation for Mexico jackup rigs rolling off contract in 2010 to experience a gap before returning to work in 2Q11...Our new 2011 estimate is $3.10 versus our previous $3.60, while we are taking down our 2012 EPS estimate to $4.65 from $4.75."
FBR Capital maintains an "Outperform" rating on Noble Corporation, which was trading at $33.29, dropping $0.96, or 2.80 percent at 11:36 AM EST. They slashed their price target on them from $45 to $38.
FBR said, "We are lowering our estimates on Noble based on (1) Marathon Oil's (NYSE: MRO) intention to cancel its contract on the Noble Jim Day rig due to uncertainty in the GOM and (2) our expectation for Mexico jackup rigs rolling off contract in 2010 to experience a gap before returning to work in 2Q11...Our new 2011 estimate is $3.10 versus our previous $3.60, while we are taking down our 2012 EPS estimate to $4.65 from $4.75."
FBR Capital maintains an "Outperform" rating on Noble Corporation, which was trading at $33.29, dropping $0.96, or 2.80 percent at 11:36 AM EST. They slashed their price target on them from $45 to $38.
Wednesday, November 24, 2010
Noble (NYSE:NE) Should Outperform Peers in Short Term Says FBR
Based on the narrowing of bifurcation rates, FBR said they see Noble Corporation (NYSE:NE) outperforming their peers over the next month or so.
FBR said, "We are adding NE to FBR Top Picks, replacing FMC Technologies (NYSE:FTI). We expect the stock to outperform its peers in the next several weeks, based on our expectation for the bifurcation of rates to narrow as the jackup market builds momentum and lower-quality rigs go back to work. We also believe the overreaction to Noble's November fleet status report provides an attractive entry point for NE. Lastly, Noble has a strong backlog and ample liquidity to grow even after adding four modern deepwater units in the Bully and Globetrotter rigs."
FBR maintains their "Outperform" rating on Noble, also adding them to their Top Picks List.
Noble was trading today at $35.08, gaining $0.22, or 0.63 percent as of 12:29 PM EST. FBR has a price target of $45 on them raising it from $42.
FBR said, "We are adding NE to FBR Top Picks, replacing FMC Technologies (NYSE:FTI). We expect the stock to outperform its peers in the next several weeks, based on our expectation for the bifurcation of rates to narrow as the jackup market builds momentum and lower-quality rigs go back to work. We also believe the overreaction to Noble's November fleet status report provides an attractive entry point for NE. Lastly, Noble has a strong backlog and ample liquidity to grow even after adding four modern deepwater units in the Bully and Globetrotter rigs."
FBR maintains their "Outperform" rating on Noble, also adding them to their Top Picks List.
Noble was trading today at $35.08, gaining $0.22, or 0.63 percent as of 12:29 PM EST. FBR has a price target of $45 on them raising it from $42.
Wednesday, November 17, 2010
Pickens Increases BP (NYSE:BP) Stake in Third Quarter
T. Boone Pickens, whose BP Capital Management hedge fund is heavy with energy investment, added to his position in BP Plc (NYSE:BP), and a number of other energy companies.
Others receiving additional investment were Noble (NYSE:NE), Devon Energy (NYSE:DVN), Chesapeake Energy (NYSE:CHK) and Weatherford International (NYSE:WFT).
He increased his stake in Apache (NYSE:APA) by over double, and in Schlumberger (NYSE:SLB) by over three times the number of shares held.
Pickens also sold energy shares, including Anadarko Petroleum (NYSE:APC) and Transocean (NYSE:RIG), which have connection to the BP Gulf of Mexico oil spill, along with Hess (NYSE:HES) and Suncor Energy (NYSE:SU).
Pickens said last week he sees oil prices reaching as high as $100 a barrel in 2011.
BP closed Tuesday at $41.79, losing $1.26, or 2.93 percent.
Others receiving additional investment were Noble (NYSE:NE), Devon Energy (NYSE:DVN), Chesapeake Energy (NYSE:CHK) and Weatherford International (NYSE:WFT).
He increased his stake in Apache (NYSE:APA) by over double, and in Schlumberger (NYSE:SLB) by over three times the number of shares held.
Pickens also sold energy shares, including Anadarko Petroleum (NYSE:APC) and Transocean (NYSE:RIG), which have connection to the BP Gulf of Mexico oil spill, along with Hess (NYSE:HES) and Suncor Energy (NYSE:SU).
Pickens said last week he sees oil prices reaching as high as $100 a barrel in 2011.
BP closed Tuesday at $41.79, losing $1.26, or 2.93 percent.
Friday, November 12, 2010
BP (NYSE:BP) Makes Bid for Brazil's Cerradinho
Reports from a Brazilian newspaper say BP (NYSE:BP) has made a bid for Cerradinho sugar and ethanol group, based in Brazil.
BP has reportedly offered $466 million to gain a 50 percent stake in the company.
According to the O Estado de S.Paulo newspaper, talks have been going on for several months, and the board of Cerradinho is expected to give an answer one way or the other soon.
Neither company would comment on what the identified as market rumors.
It does seem the bid by BP was made, and if it's rejected, there are several other suitors like Bunge (NYSE:BG) and Noble (NYSE:NBL), among others, who Cerradinho could seek as a minority shareholder, which admittedly is their goal at this time.
Cerradinho said, "The company is analyzing several options and almost got to a decision, but hasn't concluded anything yet. We'll likely
have a decision by December."
BP has reportedly offered $466 million to gain a 50 percent stake in the company.
According to the O Estado de S.Paulo newspaper, talks have been going on for several months, and the board of Cerradinho is expected to give an answer one way or the other soon.
Neither company would comment on what the identified as market rumors.
It does seem the bid by BP was made, and if it's rejected, there are several other suitors like Bunge (NYSE:BG) and Noble (NYSE:NBL), among others, who Cerradinho could seek as a minority shareholder, which admittedly is their goal at this time.
Cerradinho said, "The company is analyzing several options and almost got to a decision, but hasn't concluded anything yet. We'll likely
have a decision by December."
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