(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.
– by Kevin Kingsbury, Dow Jones & Co
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
The Department of Interior has initiated its first mineral lease sale evaluation in over 30 years, targeting deep-sea critical minerals in waters offshore American Samoa. This groundbreaking move comes as...
The Trump administration is allowing construction to resume on a $5 billion wind farm off Long Island after reaching a deal with New York Governor Kathy Hochul that could allow new natural gas pipelines to be built in the state.
The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has lifted the stop work order on the Empire Wind project, allowing construction activities to resume after a month-long...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
