Company Update (NYSE:GE): Diamond Offshore and GE Oil & Gas Enter into Industry’s First Performance-Based Subsea Blowout Preventer Service Agreement

[PR Newswire] – HOUSTON, Feb. 8, 2016 /PRNewswire/ — Diamond Offshore Drilling, Inc. (DO) and GE Oil & Gas (GE) today announced the offshore drilling industry ’s first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas. In this Pressure Control by the Hour™ model, Diamond Offshore will compensate GE Oil & Gas only when the BOP is available. This 10-year collaborative arrangement for GE’s engageDrilling™ Services showcases a new way of thinking to drive continuous improvement in deepwater drilling. Read more on this. General Electric Company (GE) , currently valued at $263.98B, opened this morning at $28.22. Today, shares have traded between $27.90 and $28.27 per share and has traded between $19.37 and $31.49 over the past year. GE shares are currently priced at 18.90x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 13.81x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $0.92 per share annually in dividends, yielding 3.22%. In a review of the consensus earnings estimate this quarter, 13 sell-side analysts are looking at $0.19 per share, which would be $0.01 worse than the year-ago quarter and a $0.08 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $1.51, which would be a $0.20 better when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $28.10 Billion. If realized, that would be a 4.29% decrease over the year-ago quarter. Recently, UBS Initiated GE at Buy (Jan 22, 2015). Previously, RBC Capital Mkts Initiated GE at to Outperform. The average price target for GE shares is $32.29, which is 14.42% above where the stock opened this morning. See more in (NYSE:GE) Similar Articles: Company Update: General Electric Company (NYSE:GE) – Electrolux not in US settlement talks over GE appliance bid -lawyer Market Update: Honeywell International Inc (NYSE:HON) – Honeywell High-Performance Fiber Helping To Secure Offshore Platforms For Brazil’s Petrobras Company Update (NYSE:GE): Qantas Group and GE Aviation sign strategic Flight Efficiency Services agreement