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PVD [U-PF -14.8%] - Looking expensive post front-running of oil price recovery - Update

We maintain an U-PF rating on PVD as improving sentiment on the back of the recent rally in crude prices is offset by worse-than-expected day rates and utilization in Q1. However, our rating remains highly sensitive to oil prices. A USD10/bbl increase vs our base case throughout the forecast horizon would translate into an O-PF rating.