(Dow Jones) Many analysts have taken Transocean to the cleaners after it barely eked out a 3Q profit, but Citi is keeping its buy rating while lowering estimates and its stock-price target to $65 from $72. Though admitting the results were “dreadful,” it calls Thursday’s 12% stock slump “overdone. Even on our reduced estimates, its Ebitda multiples are the lowest” among offshore oil drillers. Citi adds, “Contrary to the impression management may have given on the call, we have absolutely no doubt that the company will continue to pay its dividend.” RIG is up 1.7% today at $49.82 amid a broadly lower market. The stock is still down 17% this week.
April 19 (Reuters) – A New York state agency on Friday said it had failed to reach final contract agreements with the developers of three major offshore wind projects, blaming a decision by General...
The Department of the Interior has announced a new rule aiming to ensure that costs related to the decommissioning of offshore platforms are covered by the oil and gas industry,...
(Bloomberg) — For a company that made its name with frontier oil discoveries from Iran to Alaska, BP Plc is notably absent from today’s hottest new oil plays. The company’s...
April 16, 2024
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