We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Rowan (RDC) to Lay Off Workers on Rigs at GoM: Here's Why
Read MoreHide Full Article
Offshore driller Rowan Companies plc is planning to lay off workers on rigs operating in the Gulf of Mexico (GoM). The news does not come as a surprise in the wake of sluggish drilling activities in the offshore fields where a number of rigs are being put out of work on loss of contracts.
As per a letter sent to Texas Workforce Commission (TWC) by Rowan, the company will reduce headcount by 60 to 85 on a jackup – Rowan EXL III – operating in the GoM for customer Arena Offshore. Rowan is expected to start retrenching workers from October after the contact from the jackup expires in September-end. The driller added that if Rowan EXL III gets fresh contract in the near term then a few of the retrenched workers will be rehired.
Along with Rowan EXL III, the company’s Gorilla IV jack-up rig will likely end its contract by October-end. Gorilla IV is working in the shallow Gulf serving Arena. Hence, workers at Gorilla IV might lose their jobs.
Investors should know that jack-up rigs are facing weak demand in the GoM. Hence, it has been difficult for the company to gain fresh contracts for Gorilla IV and Rowan EXL III jack-ups.
Houston, TX-based Rowan is an offshore contract driller engaged in exploration and production operations all over the world. Recently, the company posted better-than-expected results in second-quarter 2017 following contract wins along with lower costs and expenses.
However, over the last year, the company’s price fell 36.8%, narrower than the broader industry’s 37.4% decline.
As a result, the company currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.
TransCanada posted an average positive earnings surprise of 4.06% over the last four quarters.
Transmontaigne posted an average positive earnings surprise of 6.60% over the last four quarters.
Range Resources’s 2017 earnings are estimated to grow 116.5%.
4 Surprising Tech Stocks to Keep an Eye on
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really takes off.
Image: Bigstock
Rowan (RDC) to Lay Off Workers on Rigs at GoM: Here's Why
Offshore driller Rowan Companies plc is planning to lay off workers on rigs operating in the Gulf of Mexico (GoM). The news does not come as a surprise in the wake of sluggish drilling activities in the offshore fields where a number of rigs are being put out of work on loss of contracts.
As per a letter sent to Texas Workforce Commission (TWC) by Rowan, the company will reduce headcount by 60 to 85 on a jackup – Rowan EXL III – operating in the GoM for customer Arena Offshore. Rowan is expected to start retrenching workers from October after the contact from the jackup expires in September-end. The driller added that if Rowan EXL III gets fresh contract in the near term then a few of the retrenched workers will be rehired.
Along with Rowan EXL III, the company’s Gorilla IV jack-up rig will likely end its contract by October-end. Gorilla IV is working in the shallow Gulf serving Arena. Hence, workers at Gorilla IV might lose their jobs.
Investors should know that jack-up rigs are facing weak demand in the GoM. Hence, it has been difficult for the company to gain fresh contracts for Gorilla IV and Rowan EXL III jack-ups.
Houston, TX-based Rowan is an offshore contract driller engaged in exploration and production operations all over the world. Recently, the company posted better-than-expected results in second-quarter 2017 following contract wins along with lower costs and expenses.
However, over the last year, the company’s price fell 36.8%, narrower than the broader industry’s 37.4% decline.
As a result, the company currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.
A few better-ranked players in the energy sector are TransCanada Corporation (TRP - Free Report) , Transmontaigne Partners LP and Range Resources Corporation (RRC - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TransCanada posted an average positive earnings surprise of 4.06% over the last four quarters.
Transmontaigne posted an average positive earnings surprise of 6.60% over the last four quarters.
Range Resources’s 2017 earnings are estimated to grow 116.5%.
4 Surprising Tech Stocks to Keep an Eye on
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really takes off.
See Stocks Now>>