Analysts downwardly revised their ratings and price targets on Manitowoc Company Inc (MTW), Transocean LTD (RIG), and Diamond Offshore Drilling Inc (DO)
Analysts are weighing in on heavy machinery maker
Manitowoc Company Inc (NYSE:MTW), as well as drilling stocks
Transocean LTD (NYSE:RIG) and
Diamond Offshore Drilling Inc (NYSE:DO). Here's a quick roundup of today's bearish brokerage notes on MTW, RIG, and DO.
- MTW is mostly flat this morning at $4.75, following a price-target cut to $4.50 from $6 at UBS. Despite a recent bear gap, the shares are almost 47% higher in 2016, but short interest remains elevated. Specifically, 11.4% of Manitowoc Company Inc's total float is sold short, and, at the stock's average trading volumes, it would take these bears a full week to cover their positions.
- RBC lowered its price target on RIG to $11 from $14, and the stock has since dropped 1.4% to trade at $10.23. Longer term, Transocean LTD has been shaky at best, losing more than 17% year-to-date. As such, options traders have taken a bearish approach at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The stock's 10-day put/call volume ratio across these exchanges comes in at 1.41, meaning put buying has had a clear advantage to call buying.
- DO has slipped 1.3% at $20.48, following a price-target cut to $23 from $29 at RBC. The stock is currently hovering just 3% below its year-to-date breakeven level, and analysts certainly aren't expecting much from the shares. By the numbers, 14 of 16 covering brokerage firms rate Diamond Offshore Drilling Inc a "hold" or worse, and the stock's average 12-month price targets sits right overhead at $21.10.
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