I wouldn't hold my breath on a dividend...they've got some debt from the Aker acquisition to take care of first. My read of the below quote is that the divvy issue is off the table until 2014 and, realistically, I think 2015 is the most reasonable expectation.From the Q&A session on the latest conference call:<snip>Douglas Becker - Bank of America Merrill Lynch: Given some of the debt parameters, the cash balance parameters and just the liquidity, is it fair to say that a dividend proposal to the shareholders is unlikely in 2013?Steven L. Newman - President and CEO: Doug, we will continue to dialogue with the Board about the deployment of capital, but I'll tell you if you just do the simple math on what we expect our operating results to be next year and what that might translate into in terms of available cash flow and our ability to use that available cash flow to make progress towards the balance sheet objectives, I wouldn't completely rule it out, but I'll tell you we are really focused on the balance sheet objectives right now. We want to enhance the Company's investment-grade rating.</snip>Link (the quote begins on pg. 4 of the Q&A):http://www.morningstar.com/earnings/44842162-transocean-ltd-...That said, it looks like they're beginning to turn the corner on their operational issues and efficiencies. So for me those are the key areas to keep an eye on going forward. Once those stabilize and they get the debt under control we'll see the CHFs start flowing out of Zug again...but again, even if they start paying out again it will likely be around 1-1.5%...I think the share price appreciation is where it's at here. I've been lucky in that through some judicious buying and selling I've "beat" my average purchase price down into the mid-40s. And I'll try to keep getting it lower through the whims of the market...I think RIG is worth at least $70 a stub...
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