Intrinsic value of Diamond Offshore Drilling - DO

Previous Close

$16.15

  Intrinsic Value

$6.89

stock screener

  Rating & Target

str. sell

-57%

Previous close

$16.15

 
Intrinsic value

$6.89

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of DO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,516
  1,551
  1,590
  1,635
  1,685
  1,739
  1,798
  1,862
  1,932
  2,006
  2,085
  2,170
  2,260
  2,355
  2,457
  2,565
  2,679
  2,799
  2,927
  3,061
  3,203
  3,353
  3,510
  3,677
  3,852
  4,036
  4,230
  4,434
  4,649
  4,874
Variable operating expenses, $m
  243
  248
  254
  262
  270
  278
  288
  298
  309
  321
  334
  347
  362
  377
  393
  410
  429
  448
  468
  490
  512
  536
  562
  588
  616
  646
  677
  709
  744
  780
Fixed operating expenses, $m
  1,069
  1,093
  1,117
  1,141
  1,166
  1,192
  1,218
  1,245
  1,272
  1,300
  1,329
  1,358
  1,388
  1,419
  1,450
  1,482
  1,514
  1,548
  1,582
  1,616
  1,652
  1,688
  1,725
  1,763
  1,802
  1,842
  1,882
  1,924
  1,966
  2,009
Total operating expenses, $m
  1,312
  1,341
  1,371
  1,403
  1,436
  1,470
  1,506
  1,543
  1,581
  1,621
  1,663
  1,705
  1,750
  1,796
  1,843
  1,892
  1,943
  1,996
  2,050
  2,106
  2,164
  2,224
  2,287
  2,351
  2,418
  2,488
  2,559
  2,633
  2,710
  2,789
Operating income, $m
  204
  210
  219
  232
  249
  269
  293
  320
  350
  384
  422
  464
  510
  560
  614
  673
  736
  804
  877
  955
  1,039
  1,128
  1,223
  1,325
  1,433
  1,548
  1,671
  1,801
  1,939
  2,085
EBITDA, $m
  765
  783
  808
  837
  872
  912
  958
  1,008
  1,064
  1,126
  1,194
  1,267
  1,346
  1,431
  1,523
  1,621
  1,726
  1,839
  1,959
  2,087
  2,223
  2,368
  2,521
  2,684
  2,857
  3,041
  3,235
  3,440
  3,658
  3,888
Interest expense (income), $m
  106
  110
  113
  116
  120
  124
  129
  134
  139
  145
  152
  159
  166
  174
  182
  191
  201
  211
  221
  233
  244
  257
  270
  284
  299
  314
  331
  348
  366
  385
  405
Earnings before tax, $m
  94
  97
  103
  112
  125
  140
  159
  180
  205
  233
  264
  298
  336
  378
  423
  472
  525
  582
  644
  710
  782
  858
  939
  1,026
  1,119
  1,218
  1,323
  1,435
  1,554
  1,680
Tax expense, $m
  25
  26
  28
  30
  34
  38
  43
  49
  55
  63
  71
  81
  91
  102
  114
  127
  142
  157
  174
  192
  211
  232
  254
  277
  302
  329
  357
  387
  420
  454
Net income, $m
  68
  71
  75
  82
  91
  102
  116
  132
  150
  170
  193
  218
  245
  276
  309
  345
  383
  425
  470
  519
  571
  626
  686
  749
  817
  889
  966
  1,047
  1,134
  1,227

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,212
  6,355
  6,518
  6,702
  6,905
  7,128
  7,370
  7,633
  7,916
  8,220
  8,545
  8,892
  9,261
  9,654
  10,070
  10,511
  10,978
  11,472
  11,994
  12,545
  13,127
  13,740
  14,387
  15,068
  15,785
  16,540
  17,335
  18,172
  19,052
  19,977
Adjusted assets (=assets-cash), $m
  6,212
  6,355
  6,518
  6,702
  6,905
  7,128
  7,370
  7,633
  7,916
  8,220
  8,545
  8,892
  9,261
  9,654
  10,070
  10,511
  10,978
  11,472
  11,994
  12,545
  13,127
  13,740
  14,387
  15,068
  15,785
  16,540
  17,335
  18,172
  19,052
  19,977
Revenue / Adjusted assets
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
Average production assets, $m
  5,605
  5,734
  5,881
  6,047
  6,230
  6,431
  6,650
  6,887
  7,143
  7,417
  7,710
  8,023
  8,356
  8,710
  9,086
  9,484
  9,906
  10,352
  10,823
  11,320
  11,845
  12,398
  12,981
  13,596
  14,243
  14,924
  15,642
  16,397
  17,191
  18,026
Working capital, $m
  -39
  -40
  -41
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
Total debt, $m
  2,018
  2,076
  2,142
  2,216
  2,299
  2,389
  2,488
  2,595
  2,710
  2,833
  2,965
  3,106
  3,256
  3,415
  3,584
  3,763
  3,953
  4,153
  4,365
  4,589
  4,825
  5,074
  5,337
  5,613
  5,904
  6,211
  6,534
  6,873
  7,231
  7,606
Total liabilities, $m
  2,522
  2,580
  2,646
  2,721
  2,803
  2,894
  2,992
  3,099
  3,214
  3,337
  3,469
  3,610
  3,760
  3,919
  4,088
  4,268
  4,457
  4,658
  4,870
  5,093
  5,330
  5,579
  5,841
  6,117
  6,409
  6,715
  7,038
  7,378
  7,735
  8,111
Total equity, $m
  3,690
  3,775
  3,872
  3,981
  4,101
  4,234
  4,378
  4,534
  4,702
  4,883
  5,076
  5,282
  5,501
  5,734
  5,982
  6,244
  6,521
  6,815
  7,125
  7,452
  7,797
  8,162
  8,546
  8,950
  9,376
  9,825
  10,297
  10,794
  11,317
  11,867
Total liabilities and equity, $m
  6,212
  6,355
  6,518
  6,702
  6,904
  7,128
  7,370
  7,633
  7,916
  8,220
  8,545
  8,892
  9,261
  9,653
  10,070
  10,512
  10,978
  11,473
  11,995
  12,545
  13,127
  13,741
  14,387
  15,067
  15,785
  16,540
  17,335
  18,172
  19,052
  19,978
Debt-to-equity ratio
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
Adjusted equity ratio
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  71
  75
  82
  91
  102
  116
  132
  150
  170
  193
  218
  245
  276
  309
  345
  383
  425
  470
  519
  571
  626
  686
  749
  817
  889
  966
  1,047
  1,134
  1,227
Depreciation, amort., depletion, $m
  561
  573
  588
  605
  623
  643
  665
  689
  714
  742
  771
  802
  836
  871
  909
  948
  991
  1,035
  1,082
  1,132
  1,184
  1,240
  1,298
  1,360
  1,424
  1,492
  1,564
  1,640
  1,719
  1,803
Funds from operations, $m
  629
  644
  663
  687
  714
  746
  781
  820
  864
  912
  964
  1,020
  1,081
  1,147
  1,217
  1,293
  1,374
  1,460
  1,552
  1,651
  1,755
  1,866
  1,984
  2,109
  2,241
  2,381
  2,530
  2,687
  2,853
  3,029
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  630
  645
  664
  688
  715
  747
  782
  822
  866
  914
  966
  1,022
  1,083
  1,149
  1,220
  1,296
  1,377
  1,463
  1,556
  1,654
  1,759
  1,870
  1,988
  2,113
  2,246
  2,386
  2,535
  2,692
  2,859
  3,035
Maintenance CAPEX, $m
  -549
  -561
  -573
  -588
  -605
  -623
  -643
  -665
  -689
  -714
  -742
  -771
  -802
  -836
  -871
  -909
  -948
  -991
  -1,035
  -1,082
  -1,132
  -1,184
  -1,240
  -1,298
  -1,360
  -1,424
  -1,492
  -1,564
  -1,640
  -1,719
New CAPEX, $m
  -111
  -129
  -147
  -165
  -183
  -201
  -219
  -237
  -255
  -274
  -293
  -313
  -333
  -354
  -376
  -398
  -421
  -446
  -471
  -497
  -525
  -553
  -583
  -615
  -647
  -681
  -717
  -755
  -794
  -835
Cash from investing activities, $m
  -660
  -690
  -720
  -753
  -788
  -824
  -862
  -902
  -944
  -988
  -1,035
  -1,084
  -1,135
  -1,190
  -1,247
  -1,307
  -1,369
  -1,437
  -1,506
  -1,579
  -1,657
  -1,737
  -1,823
  -1,913
  -2,007
  -2,105
  -2,209
  -2,319
  -2,434
  -2,554
Free cash flow, $m
  -31
  -44
  -56
  -66
  -73
  -77
  -80
  -80
  -79
  -75
  -69
  -62
  -52
  -40
  -27
  -11
  7
  27
  50
  75
  102
  132
  165
  200
  239
  280
  325
  373
  425
  481
Issuance/(repayment) of debt, $m
  45
  58
  66
  74
  82
  91
  99
  107
  115
  123
  132
  141
  150
  159
  169
  179
  190
  201
  212
  224
  236
  249
  262
  277
  291
  307
  323
  340
  357
  376
Issuance/(repurchase) of shares, $m
  0
  14
  22
  27
  30
  30
  28
  25
  19
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  45
  72
  88
  101
  112
  121
  127
  132
  134
  134
  132
  141
  150
  159
  169
  179
  190
  201
  212
  224
  236
  249
  262
  277
  291
  307
  323
  340
  357
  376
Total cash flow (excl. dividends), $m
  15
  28
  32
  36
  39
  43
  47
  51
  55
  59
  63
  79
  98
  119
  142
  168
  197
  228
  262
  298
  338
  381
  427
  477
  530
  587
  648
  713
  783
  857
Retained Cash Flow (-), $m
  -69
  -85
  -97
  -109
  -121
  -132
  -144
  -156
  -168
  -180
  -193
  -206
  -219
  -233
  -247
  -262
  -277
  -293
  -310
  -327
  -345
  -364
  -384
  -405
  -426
  -449
  -472
  -497
  -523
  -550
Prev. year cash balance distribution, $m
  153
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Cash available for distribution, $m
  99
  -57
  -65
  -73
  -81
  -89
  -97
  -105
  -113
  -121
  -130
  -127
  -122
  -114
  -105
  -94
  -81
  -66
  -48
  -29
  -7
  17
  43
  72
  104
  138
  176
  216
  260
  307
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  94
  -51
  -55
  -58
  -59
  -60
  -60
  -58
  -57
  -54
  -51
  -44
  -36
  -29
  -23
  -17
  -12
  -8
  -5
  -2
  0
  1
  1
  2
  2
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100.0
  99.4
  98.6
  97.7
  96.6
  95.6
  94.7
  94.0
  93.4
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1

Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water. The principal markets for its offshore contract drilling services are the Gulf of Mexico, including the United States and Mexico; South America, principally offshore Brazil, and Trinidad and Tobago; Australia and Southeast Asia, including Malaysia, Indonesia and Vietnam; Europe, principally offshore the United Kingdom and Norway; East and West Africa; the Mediterranean, and the Middle East. The Company provides offshore drilling services to a customer base that includes independent oil and gas companies, and government-owned oil companies.

FINANCIAL RATIOS  of  Diamond Offshore Drilling (DO)

Valuation Ratios
P/E Ratio -5.9
Price to Sales 1.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow -369.2
Growth Rates
Sales Growth Rate -33.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity 52.8%
Total Debt to Equity 55.6%
Interest Coverage -3
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1.6%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 48.1%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin 1.3%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin -22.3%
Oper. Margin - 3 Yr. Avg. -4.7%
Pre-Tax Margin -29.3%
Pre-Tax Margin - 3 Yr. Avg. -8.9%
Net Profit Margin -23.3%
Net Profit Margin - 3 Yr. Avg. -7%
Effective Tax Rate 20.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.4%
Payout Ratio 0%

DO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DO stock intrinsic value calculation we used $1486 million for the last fiscal year's total revenue generated by Diamond Offshore Drilling. The default revenue input number comes from 2017 income statement of Diamond Offshore Drilling. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for DO is calculated based on our internal credit rating of Diamond Offshore Drilling, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Diamond Offshore Drilling.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DO stock the variable cost ratio is equal to 16%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1046 million in the base year in the intrinsic value calculation for DO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.6% for Diamond Offshore Drilling.

Corporate tax rate of 27% is the nominal tax rate for Diamond Offshore Drilling. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DO stock is equal to 0.4%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DO are equal to 369.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Diamond Offshore Drilling operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DO is equal to -2.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3774 million for Diamond Offshore Drilling - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 137 million for Diamond Offshore Drilling is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Diamond Offshore Drilling at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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RDC Rowan Cos. 12.98 10.69  hold

COMPANY NEWS

▶ 5 Energy Stocks Face Steep Pullbacks   [Aug-15-18 08:00AM  Investopedia]
▶ 10 Ways to Play Rising Energy   [Aug-10-18 01:50PM  Investopedia]
▶ Houston-based offshore drilling company names new CFO   [Jul-05-18 03:47PM  American City Business Journals]
▶ Diamond Offshore Launches Blockchain Drilling Service   [Jun-25-18 08:30AM  PR Newswire]
▶ Bulls bet on Time Warner, this energy name   [May-18-18 01:24PM  CNBC Videos]
▶ 3 Energy Stocks to Buy in May   [May-15-18 03:00PM  Motley Fool]
▶ Diamond Offshore Drilling: 1Q Earnings Snapshot   [06:07AM  Associated Press]
▶ Diamond Offshore Drilling posts 4Q loss   [06:31AM  Associated Press]
▶ Upcoming Oil Earnings to Watch: DO, USAC, GPOR   [Feb-09-18 12:30PM  Zacks]
▶ 3 Promising Stocks to Buy in 2018   [Jan-26-18 07:45AM  Motley Fool]
▶ Noble Corporations Latest Fleet Status Report   [Jan-25-18 02:50PM  Market Realist]
▶ Transoceans Key Updates Last Week   [01:20PM  Market Realist]
▶ Week 3: Offshore Drilling Industry Update   [11:49AM  Market Realist]
▶ Offshore Drillers: Analyzing Target Price Revisions   [Jan-17-18 12:15PM  Market Realist]
▶ Week 2: Moodys Downgraded Ensco   [10:45AM  Market Realist]
▶ US Offshore Rig Count Increased by 2   [09:12AM  Market Realist]
▶ One More Downgrade Comes in for Diamond Offshore   [Jan-16-18 03:25PM  Market Realist]
▶ Week 1 Update for Rowan Companies   [Jan-11-18 12:55PM  Market Realist]
▶ Are US Crude Oil Rigs Impacting Crude Oil Prices?   [Jan-09-18 09:40AM  Market Realist]
▶ Buy Transocean, Sell Diamond Offshore?   [Jan-04-18 10:23AM  Barrons.com]
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