Showing posts with label Diamond Offshore Drilling. Show all posts
Showing posts with label Diamond Offshore Drilling. Show all posts
Friday, October 19, 2012
Diamond (DO) (CQP) (LNT) (ACMP) (HOC) (NR) (GEL) (MGEE) (QRE) (RTI) Ratings Changes and Initiations
Diamond Offshore Drilling, Inc. (DO), Cheniere Energy Partners L P (CQP), Alliant Energy Corporporation (LNT), Access Midstream Partners LP (ACMP), Hochschild Mining (HOC), Newpark Resources, Inc. (NR), Genesis Energy, L.P. (GEL), MGE Energy Inc. (MGEE), QR Energy LP (QRE) and RTI International Metals, Inc. (RTI) had ratings on them adjusted by analysts or initiated.
Credit Suisse (CS) upgraded Cheniere Energy Partners L P (CQP) from a "Neutral" rating to an "Outperform" rating.
Wunderlich upgraded Alliant Energy Corporation (LNT) from a "Hold" rating to a "Buy" rating. They have a price target of $50.00 on the company.
Credit Suisse downgraded Access Midstream Partners LP (ACMP) from an "Outperform" rating to a "Neutral" rating.
Iberia Capital downgraded Diamond Offshore Drilling, Inc. (DO) from an "Outperform" rating to a "Sector Perform" rating.
Fox-Davies Capital downgraded Hochschild Mining (HOC) to a "Sell" rating.
BB&T (BBT) downgraded Newpark Resources, Inc. (NR) from a "Buy" rating to a "Hold" rating.
Barclays Capital initiated coverage on Genesis Energy, L.P. (GEL). They have an "Overweight" rating on the company.
Gabelli initiated coverage on MGE Energy Inc. (MGEE). They have a "Hold" rating on the company.
Credit Suisse initiated coverage on QR Energy LP (QRE). They have a "Neutral" rating on the company.
Bank of America (BAC) initiated coverage on RTI International Metals, Inc. (RTI). They have a "Buy" rating on the company.
Wednesday, October 10, 2012
Kinross (KGC) (GOLD) (DO) (TC) (TGD) Downgraded by Analysts
Kinross Gold Corp. (KGC), Randgold Resources Ltd. (GOLD), Diamond Offshore Drilling, Inc. (DO), Thompson Creek Metals (TC) and Timmins Gold Corp. (Canada) (TGD) were downgraded by analysts.
FBR Capital downgraded Diamond Offshore Drilling, Inc. (DO) from an "Outperform" rating to a "Market Perform" rating.
Canaccord Genuity downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Hold" rating.
Morgan Stanley (MS) downgraded Kinross Gold Corp (KGC) from an "Equal Weight" rating to an "Underweight" rating.
Paradigm Capital downgraded Thompson Creek Metals (TC) from a "Buy" rating to a "Hold" rating. They have a price target of $3.00 on the company.
Canaccord Genuity downgraded Timmins Gold Corp. (Canada) (TGD) from a "Hold" rating to a "Sell" rating. They have a price target of $2.35 on the company.
Tuesday, October 9, 2012
Arch Coal (ACI) (DO) (FNV) (TGB) (EOX) (HNRG) (PXD) (PPP) Ratings Changes and Initiations
Arch Coal, Inc. (ACI), Diamond Offshore Drilling, Inc. (DO), Franco Nev Corp (Canada) (FNV), Taseko Mines Limited (TGB), Emerald Oil Inc (EOX), Hallador Energy Co (HNRG), Pioneer Natural Resources (PXD) and Primero Mining Corp. (Canada) (PPP) had ratings adjustments or initiations on them.
Macquarie upgraded Primero Mining Corp. (Canada) (PPP) from a "Neutral" rating to an "Outperform" rating.
Goldman Sachs (GS) downgraded Arch Coal, Inc. (ACI) from a "Neutral" rating to a "Sell" rating. They have a price target of $5.00 on the company.
Morgan Stanley (MS) downgraded Diamond Offshore Drilling, Inc. (DO) from an "Overweight" rating to an "Equal Weight" rating. They have a price target of $85.00 on the company.
TD Securities downgraded Franco Nev Corp (Canada) (FNV) from a "Buy" rating to a "Hold" rating.
Canaccord Genuity downgraded Taseko Mines Limited (TGB) from a "Buy" rating to a "Hold" rating.
Canaccord Genuity initiated coverage on Emerald Oil (EOX). They have a "Buy" rating and a price target of $1.50 on the company.
Brean Murray initiated coverage on Hallador Energy Co (HNRG). They have a "Buy" rating and a price target of $10.00 on the company.
Wells Fargo & Co. (WFC) initiated coverage on Pioneer Natural Resources (PXD). They have an "Outperform" rating on the company.
Friday, July 23, 2010
Citigroup (NYSE:C) Slashes Diamond Offshore Drilling (NYSE:DO) Estimates
Citing costs in the third quarter, Citigroup (NYSE:C) lowered estimates for Diamond Offshore Drilling (NYSE:DO) today.
After disappointing earnings in the second quarter, Citi cut its estimate from $7.90 for Diamond to $7.30.
Citigroup analyst Robin Shoemaker said, "The company's forecast for increased shipyard and rig start-up costs lead us to lower [the] 3Q10 estimate.... Our EPS projections for 2010 and 2012 are little changed and are based on conservative day rate assumptions."
Diamond dropped to $61.52 at 2:14 PM EDT, a loss of $0.79, or 1.35 percent.
After disappointing earnings in the second quarter, Citi cut its estimate from $7.90 for Diamond to $7.30.
Citigroup analyst Robin Shoemaker said, "The company's forecast for increased shipyard and rig start-up costs lead us to lower [the] 3Q10 estimate.... Our EPS projections for 2010 and 2012 are little changed and are based on conservative day rate assumptions."
Diamond dropped to $61.52 at 2:14 PM EDT, a loss of $0.79, or 1.35 percent.
Tuesday, June 8, 2010
Goldman (NYSE:GS) Cuts Diamond Offshore Drilling (NYSE:DO), Possible Oil Leak as Well
Diamond Offshore Drilling (NYSE:DO) shares are under heavy pressure today as they were not only downgraded by Goldman Sachs (NYSE:GS), but also may have an oil leak off of their Ocean Saratoga rig, based in the Gulf of Mexico.
Les Van Dyke, a spokesman for Diamond, referred all questions on the oil rig leaking to Taylor Energy, which is leasing the oil rig from them.
At the time of this writing, the Coast Guard said they were looking into reports of a new oil leak, but there hasn't been confirmation yet.
Diamond was down to $55.57, a decline of $3.64, or 6.15% percent as of 11:45 AM EDT.
Les Van Dyke, a spokesman for Diamond, referred all questions on the oil rig leaking to Taylor Energy, which is leasing the oil rig from them.
At the time of this writing, the Coast Guard said they were looking into reports of a new oil leak, but there hasn't been confirmation yet.
Diamond was down to $55.57, a decline of $3.64, or 6.15% percent as of 11:45 AM EDT.
Goldman Sachs (NYSE:GS) Cuts Ratings on Transocean (NYSE:RIG), Atwood Oceanics (NYSE:ATW), Diamond Offshore (NYSE:DO) and Noble (NYSE:NE)
Ratings on offshore oil drillers Transocean (NYSE:RIG), Atwood Oceanics (NYSE:ATW), Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) were cut by Goldman Sachs (NYSE:GS) today.
The primary mover of Goldman's decision was the probability the existing drilling moratorium of six months will be extended to twelve months, which will devastate the industry if it occurs.
With Obama under extreme pressure, it's doubtful he has the political will to change this, and we'll probably see the extension become a reality.
Overall this will affect about 20 percent of global oil capacity, which will continue to pressure pricing.
All the stocks were down big just before noon EDT.
The primary mover of Goldman's decision was the probability the existing drilling moratorium of six months will be extended to twelve months, which will devastate the industry if it occurs.
With Obama under extreme pressure, it's doubtful he has the political will to change this, and we'll probably see the extension become a reality.
Overall this will affect about 20 percent of global oil capacity, which will continue to pressure pricing.
All the stocks were down big just before noon EDT.
Thursday, June 3, 2010
Anadarko (NYSE:APC) Declares Force Majeure on Three Gulf Oil Rigs
Anadarko Petroleum Corp (NYSE:APC) announced it has declared force majeure on three oil rigs in the Gulf region as a result of the ban from the Obama administration in not allowing them to drill in the region.
Declaring force majeure means they won't be liable for meeting contract obligations when it's the result of unavoidable and natural accidents or disasters.
Companies whose rigs will be affected, according to UBS analyst Angie Sedita are Diamond Offshore Drilling (NYSE:DO), Noble Corp. (NYSE.NE) and Transocean (NYSE:RIG).
One rig will remain operational by Anadarko, ant that one is owned by Ensco Plc (NYSE:ESV).
Anadarko maintained their guidance on sales and spending projections and the second quarter and overall year.
Declaring force majeure means they won't be liable for meeting contract obligations when it's the result of unavoidable and natural accidents or disasters.
Companies whose rigs will be affected, according to UBS analyst Angie Sedita are Diamond Offshore Drilling (NYSE:DO), Noble Corp. (NYSE.NE) and Transocean (NYSE:RIG).
One rig will remain operational by Anadarko, ant that one is owned by Ensco Plc (NYSE:ESV).
Anadarko maintained their guidance on sales and spending projections and the second quarter and overall year.
Thursday, May 6, 2010
Ensco (NYSE:ESV), Diamond Offshore (NYSE:DO) Better Bets During Crisis?
For investors in the oil industry, it's hard to see past the crisis in the Gulf of Mexico, as oil continues to expand across the area, and focus remains on the negative side of the industry. Until that clears up, companies like Ensco (NYSE:ESV) and Diamond Offshore (NYSE:DO) may be better bets to put our money into for the oil sector.
BP (NYSE:BP), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM) and Transocean (NYSE:RIG) probably should be left alone until more clarity comes concerning lawsuits and who's responsible for what.
Anadarko Petroleum (NYSE:APC) could be another one to at least temporarily avoid, as they have a 25 percent non-operating interest in the Deepwater Horizon oil rig.
Until the legal issues are resolved, there is no way of knowing how far accountability for the accident will go, and how much exposure each company may have.
BP (NYSE:BP), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM) and Transocean (NYSE:RIG) probably should be left alone until more clarity comes concerning lawsuits and who's responsible for what.
Anadarko Petroleum (NYSE:APC) could be another one to at least temporarily avoid, as they have a 25 percent non-operating interest in the Deepwater Horizon oil rig.
Until the legal issues are resolved, there is no way of knowing how far accountability for the accident will go, and how much exposure each company may have.
Monday, May 3, 2010
Schwarzenegger Flips on Offshore Drilling
California Governor Arnold Schwarzenegger has ended his support for offshore oil drilling off the coast of California, citing the huge oil spill in the Gulf of Mexico from the Deepwater Horizon oil rig.
The usual stupidity and cowardice of politicians like Schwarzenegger emerges again, as he takes one of the few instances in history of an accident of this magnitude and wraps it around the idea that you can have perfection in any endeavor in life.
Schwarzenegger has rightly based his support on numerous studies which show it is safe to drill, and that has been the reality in the industry for some time.
That of course doesn't preclude an accident happening, but does that mean we don't walk down a road because we could get hit by a car, or we don't drive in a car because people get killed in accidents. The reasoning and logic is faulty, but then Schwarzenegger got his idea from watching the images on TV.
He stated:
"I see on TV, the birds drenched in oil, the fishermen out of work, the massive oil spill, oil slick destroying our precious ecosystem."
In even more tortuous reasoning, Schwarzenegger added, "If I have a choice to make up $100 million and what I see in Gulf of Mexico, I'd rather find a way to make up that $100 million."
Like that's the only two choices Arnold. What about continuing to work hard to improve the industry and safety even better? How about the much-improved practices of the oil industry in recent years.
No Arnold, the two choices are the usual images of oily birds which the media love to through out there to generate emotion; it was the same thing from the media with the Exxon Valdez if you remember.
The mature and proper response, which will ultimately have to be made is to continue improving the industry knowing nothing can ever be perfect. That's only a liberal wet dream and fantasy used to hold back the benefit oil and other raw materials hold for human beings.
There's nothing real or bold about Schwarzenegger's response, just the usual running for cover for someone trying to cover their rear-end. He should have come out saying something similar to what I've said here, reassuring people he'll do everything he can to improve the oil industry, not destroy it.
The usual stupidity and cowardice of politicians like Schwarzenegger emerges again, as he takes one of the few instances in history of an accident of this magnitude and wraps it around the idea that you can have perfection in any endeavor in life.
Schwarzenegger has rightly based his support on numerous studies which show it is safe to drill, and that has been the reality in the industry for some time.
That of course doesn't preclude an accident happening, but does that mean we don't walk down a road because we could get hit by a car, or we don't drive in a car because people get killed in accidents. The reasoning and logic is faulty, but then Schwarzenegger got his idea from watching the images on TV.
He stated:
"I see on TV, the birds drenched in oil, the fishermen out of work, the massive oil spill, oil slick destroying our precious ecosystem."
In even more tortuous reasoning, Schwarzenegger added, "If I have a choice to make up $100 million and what I see in Gulf of Mexico, I'd rather find a way to make up that $100 million."
Like that's the only two choices Arnold. What about continuing to work hard to improve the industry and safety even better? How about the much-improved practices of the oil industry in recent years.
No Arnold, the two choices are the usual images of oily birds which the media love to through out there to generate emotion; it was the same thing from the media with the Exxon Valdez if you remember.
The mature and proper response, which will ultimately have to be made is to continue improving the industry knowing nothing can ever be perfect. That's only a liberal wet dream and fantasy used to hold back the benefit oil and other raw materials hold for human beings.
There's nothing real or bold about Schwarzenegger's response, just the usual running for cover for someone trying to cover their rear-end. He should have come out saying something similar to what I've said here, reassuring people he'll do everything he can to improve the oil industry, not destroy it.
Transocean (NYSE:RIG), Hero Offshore (Nasdaq:HERO) Have Most Gulf Rigs
Transocean (NYSE:RIG) and Hero Offshore (Nasdaq:HERO) have the largest
number of oil rigs in the Gulf of Mexico, where the Deepwater Horizon
oil rig exploded and resulted in the huge oil spill.
Transocean has the largest number of oil rigs in the Guld with 13,
followed by Hero Offshore's 12. The others rounding out the top five include Diamond Offshore (NYSE:DO) with 10, Ensco (NYSE:ESV) with 8, and Rowan (NYSE:RDC) with 7.
Depending on their future strategy and presence in the Gulf, all these companies will probably ultimately have to pay more to do business in the region, as well as its oil production levels will possibly drop.
number of oil rigs in the Gulf of Mexico, where the Deepwater Horizon
oil rig exploded and resulted in the huge oil spill.
Transocean has the largest number of oil rigs in the Guld with 13,
followed by Hero Offshore's 12. The others rounding out the top five include Diamond Offshore (NYSE:DO) with 10, Ensco (NYSE:ESV) with 8, and Rowan (NYSE:RDC) with 7.
Depending on their future strategy and presence in the Gulf, all these companies will probably ultimately have to pay more to do business in the region, as well as its oil production levels will possibly drop.
Transocean (NYSE:RIG) Downgraded, Under Microscope
Deepwater driller Transocean (NYSE:RIG) has come under the microscope concerning the explosion on Deepwater Horizon, and consequently has been downgraded from "Buy" to "Hold" by Argus, as uncertainties as to what it will cost the company in the short and long term makes the company and its stock unpredictable at this time.
Recommendations for Transocean on average have dropped below its competitors like Ecopetrol SA (NYSE:EC), which scored a 2.7 and Diamond Offshore Drilling (NYSE: DO), which scored 3.1.
With the incident Transocean will come under increased scrutiny, and costs of doing business in the Gulf of Mexico expected to rise for them and for other major oil companies operating in the area.
Recommendations for Transocean on average have dropped below its competitors like Ecopetrol SA (NYSE:EC), which scored a 2.7 and Diamond Offshore Drilling (NYSE: DO), which scored 3.1.
With the incident Transocean will come under increased scrutiny, and costs of doing business in the Gulf of Mexico expected to rise for them and for other major oil companies operating in the area.
Thursday, April 22, 2010
Diamond Offshore Drilling (NYSE:DO) Dividend Lowered
Diamond Offshore Drilling (NYSE:DO) reported earnings today and the results weren't pretty, as net income for the first quarter dropped by 17 percent.
This wasn't unexpected, and in fact beat analysts' estimates, as they were looking for $851 million revenue, with earnings per share of $1.93.
Diamond did better than that, generating revenue of $859.7 million, with earnings of $290.9 million, or $2.09 a share.
Higher costs related to drilling and lower revenue were cited as the reasons for the drop in earnings.
Last year in the same quarter the company had revenue of $348.6 million, or $2.51 a share.
Probably most concerning to shareholders was the drop in a special dividend for its common stock to $1.375 a share, only half of what the special dividend was before.
Other than industry conditions, Diamond said they want to have a stronger cash position in order to take advantage of when opportunities arise to acquire additional rigs.
This wasn't unexpected, and in fact beat analysts' estimates, as they were looking for $851 million revenue, with earnings per share of $1.93.
Diamond did better than that, generating revenue of $859.7 million, with earnings of $290.9 million, or $2.09 a share.
Higher costs related to drilling and lower revenue were cited as the reasons for the drop in earnings.
Last year in the same quarter the company had revenue of $348.6 million, or $2.51 a share.
Probably most concerning to shareholders was the drop in a special dividend for its common stock to $1.375 a share, only half of what the special dividend was before.
Other than industry conditions, Diamond said they want to have a stronger cash position in order to take advantage of when opportunities arise to acquire additional rigs.
Monday, April 5, 2010
Diamond Offshore Drilling (NYSE:DO) Schedules Conference Call and Webcast for First Quarter 2010 Financial Results
Diamond Offshore Drilling Conference Call
Diamond Offshore Drilling (NYSE:DO), Inc. announced that it will issue a press release and host a conference call and web cast related to its first-quarter 2010 operating results on Thursday, April 22.
The conference call and web cast will include a discussion by management regarding the company's results of operation, as well as an operating overview. The call will begin at 9 a.m. CDT.
The number to participate in this conference call is 800-247-9979. Those individuals calling from international locations may participate by dialing 973-321-1100. The conference call host is Les Van Dyke and the Conference ID number is 66445989.
A digital replay of the conference call will be available until June 30, following the original call, after which it will be archived on the company's web site at: diamondoffshore.com.
The phone number for the digital replay is 800-642-1687, or internationally, 706-645-9291. The Conference Call ID number to access the replay is 66445989.
In addition, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its first-quarter 2010 operating results conference call. The live broadcast of our conference call will be available online at: diamondoffshore.com on April 22, beginning at 9 a.m. CDT.
The online replay will follow immediately after the call and continue until June 30.
Diamond Offshore provides contract drilling services to the energy industry around the globe.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Diamond Offshore Drilling (NYSE:DO), Inc. announced that it will issue a press release and host a conference call and web cast related to its first-quarter 2010 operating results on Thursday, April 22.
The conference call and web cast will include a discussion by management regarding the company's results of operation, as well as an operating overview. The call will begin at 9 a.m. CDT.
The number to participate in this conference call is 800-247-9979. Those individuals calling from international locations may participate by dialing 973-321-1100. The conference call host is Les Van Dyke and the Conference ID number is 66445989.
A digital replay of the conference call will be available until June 30, following the original call, after which it will be archived on the company's web site at: diamondoffshore.com.
The phone number for the digital replay is 800-642-1687, or internationally, 706-645-9291. The Conference Call ID number to access the replay is 66445989.
In addition, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its first-quarter 2010 operating results conference call. The live broadcast of our conference call will be available online at: diamondoffshore.com on April 22, beginning at 9 a.m. CDT.
The online replay will follow immediately after the call and continue until June 30.
Diamond Offshore provides contract drilling services to the energy industry around the globe.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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