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Week 6: Offshore Drilling Update

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Part 2
Week 6: Offshore Drilling Update PART 2 OF 2

Week 6: Analysts’ Views on Diamond Offshore

Analysts’ revisions

In Week 6 (ended February 9, 2018), there was one recommendation revision for Diamond Offshore, and one target price revision. Reuters, citing Raymond James, wrote that “offshore drilling recovery ‘is harder than most think.'” Reuters, again citing Raymond James, added that “contracting of offshore floating rigs has been ‘extremely light,’ should pick up through 2018 and 2019 but rise in dayrates difficult.”

Raymond James has downgraded Diamond Offshore to “underperform” from “market perform,” and Jefferies has reduced its target price to $14.

Week 6: Analysts’ Views on Diamond Offshore

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Week 5

In the previous week, Goldman Sachs revised target prices for various offshore drillers upwards:

  • Rowan Companies (RDC): to $15 from $11.50
  • Diamond Offshore Drilling (DO): to $13.75 from $10
  • Noble (NE): to $4.50 from $2.75
  • Transocean (RIG): to $13.75 from $9
  • Ensco (ESV): to $8.75 from $7

Week 4

In Week 4 of 2018, Barclays downgraded two offshore drillers and revised target prices for others downwards:

  • Ensco: to $4 from $6
  • Transocean: to $7 from $9
  • Rowan Companies: downgraded to “underweight” from “equal weight,” and to $10 from $14
  • Diamond Offshore Drilling: downgraded to “underweight” from “equal weight,” and to $13 from $15
  • Noble: to $4 from $5
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