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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Dennis Roth who wrote (43509)5/19/2005 3:55:23 PM
From: Dennis Roth  Read Replies (1) of 206323
 
Noble Boosted By Higher Dayrates
forbes.com
05.19.05, 3:08 PM ET

Credit Suisse First Boston maintained a "neutral" rating and $69 target price on Noble (nyse: NE - news - people ), saying it is raising its earnings estimate on the oil company to incorporate rising dayrates in the West Africa and Middle East jackup markets. CSFB raised the 2006 earnings-per-share estimate to $3.93 from $3.85, and the cash-flow estimate to $5.70 per share from $5.63. The 2005 earnings estimate of $2.34 per share remains unchanged. "Our estimates incorporate updated guidance on shipyard-related downtime," CSFB said. "Of note, the Lester Pettus submersible is expected to be in the shipyard for two to three months in the third quarter, while the Al White jackup will incur an additional 15 to 30 days of shipyard-related downtime." CSFB said Noble doesn't plan to perform shipyard work for the Dhabi II jackup, which was originally expected to enter the shipyard for approximately 45 days in the fourth quarter. Noble recently signed to a four-well extension in its Don Walker jackup in West Africa at a dayrate of $61,000, up 26% from the current operating dayrate. Elsewhere in the oil and gas equipment and services sector, CSFB reiterated a "neutral" rating and $82 target price on Kerr-McGee (nyse: KMG - news - people ), and an "underperform" rating and $65 target on Royal Dutch Petroleum (nyse: RD - news - people ).
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