Posts for Ticker ‘PDE’

Analysts Downgrading Oil Patch (NOV, PDE, REP, SII, STO, SU, RIG)

Burning_money_pic_2Oil_well_imageIt is probably no huge shock that downgrades are coming more than upgrades now that oil has come down so much.  Too bad these were not the calls several months ago.  Here are some of the downgrades this Wednesday in the oil patch:

  • National Oilwell Varco (NYSE: NOV) Cut to Underweight at JPMorgan.
  • Pride International (NYSE: PDE) Cut to Underweight at JPMorgan.
  • Repsol SA (NYSE: REP) Cut to Neutral at UBS.
  • Smith International (NYSE: SII) Cut to Neutral at JPMorgan.
  • Statoil (NYSE: STO) Cut to Neutral at UBS.
  • Suncor Energy (NYSE: SU) Cut to Sector Perform at RBC.
  • Transocean (NYSE: RIG) Cut to Neutral at JPMorgan.

Jon C. Ogg
January 14, 2009

Posted on: January 14, 2009 – 7:56 am in Analyst Calls, Oil & Gas, , , , , , ,

Oil Patch Offers No Great Earnings Assurances (NBR, NE, ESV, PDE)

Oil_well_logo_2Oilfield services company Nabors Industrial (NYSE:NBR) revised its guidance downward after the market closed yesterday and its share price is approaching a new 52-week low. And its bringing its competitors down with it. Noble Corporation (NYSE:NE) is off more than 7%, Ensco International (NYSE:ESV) is off more than 5%, and Pride International (NYSE:PDE) is off nearly 7% in early trading today. Both Pride and Noble have touched new 52-week lows.

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Posted on: October 2, 2008 – 10:14 am in Earnings, Earnings Warning, Oil & Gas, , , ,

UBS Hikes Oil (CVX, DO, HERO, NE, PDE, RDC, RIG)

UBS has raised its raw oil price targets for 2008 to 2010 and has lifted its coverage in the oil sector.  UBS also initiated coverage on some of the oil and drilling companies this morning.  Here are a few of the stocks they initiated coverage on:

  • Chevron (NYSE: CVX) raised to Buy from Neutral.
  • Diamond Offshore (NYSE: DO) started as Buy with a $160 target.
  • Hercules Offshore (NASDAQ: HERO) started as Neutral with a $35.00 price target.
  • Noble Corp. (NYSE: NE) started as Buy with $81.00 target.
  • Pride (NYSE: PDE) started as Neutral.
  • Rowan (NYSE: RDC) started as Buy with $53.00 target.
  • Transocean (NYSE: RIG) started as Buy with a $200 target.

As far as average oil price, UBS raised those as well:

  • $115.00 average per barrel for 2008.
  • $120.00 average per barrel for 2009.
  • $116.50 average per barrel for 2010.

Jon C. Ogg
May 15, 2008

Posted on: May 15, 2008 – 7:01 am in Analyst Calls, Oil & Gas, , , , , , ,

Goldman Sachs Sees Gold in Offshore Drillers (DO, PDE, RIG)

Goldman Sachs has said enough is enough in oil drillers.  The firm is suggesting that investors take advantage of recent weakness seen in the offshore oil drillers.

Its two Buy-rated picks in the call were Diamond Offshore (NYSE: DO) with some 23% upside to its price targets and Pride International (NYSE: PDE) with about 20% upside to its price targets.

Goldman Sachs even noted Transocean (NYSE: RIG) with 22% upside to its target, although Goldman Sachs only has a neutral rating on that name.

This huge discovery in Brazil is noted as part of the reason for day rates rising, although this now notes a record $639,000/day rate.

Jon C. Ogg
February 19, 2008

Posted on: February 19, 2008 – 9:37 am in Analyst Calls, Oil & Gas, , ,

Top Oil & Gas Analyst Calls (December 18, 2007)

These are the top analyst research noted that 247WallSt.com has seen in the oil, gas, and energy sector early this morning:

  • Approach Resources (AREX) started as Overweight at J.P.Morgan.
  • Atwood Oceanics (ATW) raised to Buy at Banc of America.
  • Cal Drive (DVR) started as Buy at Banc of America.
  • Diamond Offshore (DO) started as Buy at Banc of America.
  • Ensco (ESV) started as Neutral at Banc of America.
  • Grant Prideco (GRP) downgraded to Hold at Citigroup.
  • Gulfmark Offshore (GLF) raised to Buy at Banc of America.
  • Hornbeck Offshore (HOS) started as Buy at Banc of America.
  • Noble Energy (NE) started as Buy at Banc of America.
  • Occidental Petroleum (OXY) raised to Market Perform at FBR.
  • Pride International (PDE) started as neutral at Banc of America.
  • Transocean (RIG) started as Buy at Banc of America; Jim Cramer also noted this one as being one of his top 5-year stocks with earnings visibility.

Jon C. Ogg
December 18, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the SPECIAL SITUATION newsletter and he does not own securities in the companies he covers.

Posted on: December 18, 2007 – 8:05 am in Analyst Calls, Oil & Gas, , , , , , , , , , , ,