In a new report, Barclays analyst David Anderson discussed the firm’s increasingly bearish outlook for offshore drillers. The firm has issued another aggressive round of price target cuts ahead of Q4 earnings season.

“Given the dramatic decline in the oil price and continued negative data points that point toward a prolonged downturn for offshore drillers, we reduce our normalized day rate assumption, resulting in valuations for all offshore drillers in our coverage being lowered by an average of ~50 percent,” Anderson explained.

He believes that management and investors will be focused primarily on liquidity, cost reductions, rig retirements and day rates this earnings season.

Anderson sees…

Click here to continue reading

Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!