Oil & Gas Stocks on Investors' Radar -- Diamond Offshore Drilling, Penn West Petroleum, and Seadrill Partners
Sep 22, 2016, 07:00 ET
NEW YORK, September 22, 2016 /PRNewswire/ --
Stock-Callers.com has on its radar three Oil and Gas Drilling and Exploration equities, namely: Diamond Offshore Drilling Inc. (NYSE: DO), Penn West Petroleum Ltd (NYSE: PWE), and Seadrill Partners LLC (NYSE: SDLP). According to an article on World Oil, global drilling is projected to fall 28.5% to 51,008 wells this year due to low crude prices. Learn more about these stocks by downloading their comprehensive and free reports at:
http://stock-callers.com/registration
Diamond Offshore Drilling
Houston, Texas headquartered Diamond Offshore Drilling Inc.'s shares gained 3.54%, closing Wednesday's trading session at $15.80. The stock recorded a trading volume of 3.96 million shares, which was above its three months average volume of 2.77 million shares. Shares of the Company are trading 21.29% below their 50-day moving average. Additionally, shares of Diamond Offshore Drilling, which provides contract drilling services to the energy industry worldwide, have a Relative Strength Index (RSI) of 38.37.
As per notes filed with the SEC on September 1st, 2016, a subsidiary of Diamond Offshore Drilling received notice of termination from Petroleo Brasileiro S.A. ("Petrobras") of its drilling contract on the Ocean Valor on August 30th, 2016. The drilling contract, which was extended in 2014, was estimated to conclude in accordance with its terms in October 2018. The company does not believe that Petrobras had a valid or lawful basis for terminating the contract, and the company intends to defend the rights of its subsidiary under the contract.
Yesterday, research firm Goldman downgraded the Company's stock rating from 'Neutral' to 'Sell'. DO complete research report is just a click away and free at:
http://stock-callers.com/registration/?symbol=DO
Penn West Petroleum
On Wednesday, shares in Calgary, Canada headquartered Penn West Petroleum Ltd recorded a trading volume of 3.10 million shares, which was above their three months average volume of 1.83 million shares. The stock rose 1.69%, ending the day at $1.80. The Company's shares have advanced 11.11% in the last month, 25.87% in the previous three months, and 114.29% on an YTD basis. The stock is trading above its 50-day and 200-day moving averages by 17.89% and 65.21%, respectively. Furthermore, shares of Penn West Petroleum, which explores for, develops, and produces oil and natural gas properties in western Canada, have an RSI of 62.45. The complimentary report on PWE can be downloaded at:
http://stock-callers.com/registration/?symbol=PWE
Seadrill Partners
Shares in London, the UK headquartered Seadrill Partners LLC ended yesterday's session 3.51% higher at $3.24. The stock recorded a trading volume of 448,782 shares. The Company's shares have advanced 4.29% on an YTD basis. The stock is trading 16.17% below its 200-day moving average. Moreover, shares of Seadrill Partners, which owns, operates, and acquires offshore drilling units, have an RSI of 36.57.
On August 25th, 2016, Seadrill Partners reported that total operating revenues for Q2 2016 were $418.5 million, down compared to total operating revenues for Q1 2016 of $444.0 million. The decrease is primarily related to the day rate reduction on the West Capricorn and the termination of the West Capella. Net income attributable to Seadrill Partners Members was $59.8 million for Q2 2016, compared to $36.1 million in Q1 2016. Distributable cash flow was $98.8 million for Seadrill Partners in Q2 2016 against $99.2 million in Q1 2016, providing a coverage ratio of 13.12x for Q2 2016. Distribution declared for the reported period was $0.10 per unit, equivalent to an annual distribution of $0.40
On September 9th, 2016, research firm Wells Fargo downgraded the Company's stock rating from 'Market Perform' to 'Underperform'. Get free access to your research report on SDLP at:
http://stock-callers.com/registration/?symbol=SDLP
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