On Friday, Oil prices slipped on Friday but remained stuck in tight trading ranges as investors awaited the outcome of Iranian nuclear talks which could lead to a big enhance in Iranian crude exports.
Among Oil stocks, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 4.21% to $9.41, after a statement by a Brazilian congressman and bargain hunting among traders.
The congressman, Eduardo Cunha, said that a requirement in the national oil law that Petrobras must take part in all subsalt exploration and production blocks will be changed, Reuters reports.
Additionally, some of Petrobras gains came as investors were “bargain hunting” following Thursday’s 4.5% drop in Petrobras stock, Reuters noted.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Noble Corporation plc (NYSE:NE), inclined 3.43% to $15.39, during its last trading session.
Noble Corporation, had its price target lowered by analysts at Jefferies to $16 from $17 with a “hold” rating.
Jefferies Group’s target price suggests a potential upside of 3.96% from the stock’s previous close.
The firm cited that the floater rig count demand in second quarter 2015 fell similarly to the first quarter 2015. Contracting for this quarter was barely up but mostly for short-term work.
In addition, the pace of rigs moving to non-marketed supply has lagged behind the drop in demand contrast to earlier in the year and this is due to more higher quality rigs going idle. Only nine rigs moved to non-marketed status this quarter contrast to 21 rigs in the first quarter, according to the analyst note.
Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It owns and operates a fleet of mobile offshore drilling units. As of December 31, 2014, the company operated a fleet of 15 jackups, 9 drillships, and 8 semisubmersibles, counting 1 high-specification, harsh environment jackup under construction.
Finally, Ensco plc (NYSE:ESV), ended its last trade with 3.40% gain, and closed at $22.52.
Ensco Plc (NYSE:ESV)‘s stock had its “hold” rating reissued by research analysts at Jefferies Group in a report released on Friday. They presently have a $21.00 price target on the offshore drilling services provider’s stock, down from their previous price target of $23.00. Jefferies Group’s price target would suggest a potential downside of 6.75% from the stock’s previous close.
On June 24, an insider trading trade was made. James Swent, the Executive Vice President & CFO and an insider of ENSCO PLC, unloaded exactly 50,000 shares of Ensco Plc, worth close to $1,136,500 U.S Dollars, at $22.7 for each one share at the time of the trade. as revealed in a SEC filing dated June 24, 2015. James Swent now owns 75,607 shares or 0.03% of the Company’s total market cap.
Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. The company operates through three segments: Floaters, Jackups, and Other. The company owns and operates offshore drilling rig fleet of 70 rigs, counting 10 drillships, 13 semisubmersible rigs, 5 moored semisubmersible rigs, and 42 jackup rigs located in North and South America, the Middle East and Africa, the Asia Pacific rim, Europe and the Mediterranean, and Brazil.
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