Barclays describes offshore oil drillers as ‘most overvalued group’
Barclays analyst J David Anderson has found that shares in offshore drilling companies have risen 40% since March, describing them as the ‘most overvalued group’ in the Barclays ‘coverage universe’.Anderson, who downgraded US company Noble Energy to an ‘underperform’ rating yesterday, initially raised his price targets for the group.Since then, however, he has recorded underweights for all five of the major offshore drilling companies, namely NE, Diamond Offshore Drilling, Ensco, Rowan Com...