Diamond Offshore: Poised to break-out north

Filed under: Stocks to Buy

Diamond Offshore Drilling's (NYSE: DO) shares are poised to break-out to the upside, hence I'm reiterating my Buy rating on DO, first recommended on June 10, 2009, at a price of $91.63.

Diamond Offshore is considered to be better-positioned than other offshore oil/natural gas drillers for 2009-2010, due to a strong backlog of existing contracts, and a significant cash position. Some of that cash could be used to buy newbuild rigs and/or weaker offshore drilling contractors. DO services customers in about 50 countries; a major customer is Petroleo Brasileiro (NYSE: PBR).

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Diamond Offshore: Poised to break-out north originally appeared on BloggingStocks on Sat, 03 Oct 2009 15:40:00 EST. Please see our terms for use of feeds.

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