ABN AMRO Raises 2001 Earnings Estimates For Offshore Drillers

Friday, March 17, 2000
ABN AMRO raised its 2001 earnings estimates for several offshore drillers and said the oil service industry was in the early stages of a multiyear growth phase.

"We are raising our 2000 and 2001 upstream capital spending growth estimates,'' analyst Asit Sen said in a research note. "We note that our views are above the latest consensus expectations. To reflect higher-than-previously expected day rates/utilization rates, we are also raising our 2001 earnings estimates and price targets," he said. "We believe that the sector is in the early stages of a multiyear growth phase. Accordingly, we would use any periods of significant near-term weakness as buying opportunities," he added.

ABN-AMRO's favorites remain buy-rated Global Marine Inc., Noble Drilling Corp., and Santa Fe International Corp., as well as outperform-rated Transocean Sedco Forex Inc., Diamond Offshore Drilling Inc., and Marine Drilling Cos. Inc., Sen said. ABN AMRO made the following adjustments:

- raised its 2001 earnings estimate on Diamond Offshore to $1.75 per share from $1.55, and raised its six- to 12-month price target to $40 a share from $36.

- raised Ensco International Inc.'s 2001 estimate to $1.35 per share from $1.30, and raised the price target to $33 per share from $30.

- raised Global Marine 2001 EPS estimate to $1.20 from $1.15 and took the price target to $29 from $26.

- raised Marine Drilling 2001 estimate to $1.15 from $1.10 a share, and raised the price target to $28 from $26.

- increased Noble Drilling's 2001 EPS estimate to $1.85 from $1.80, and the price target to $44 from $41.

- raised Transocean Sedco 2001 EPS view to $2.25 from $2.00, and took the price target to $49 from $44.

- raised Santa Fe International 2001 EPS estimate to $1.90 from $1.75, and the price target to $40 from $36.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1550 sec (6 req/sec)