Schaeffer's Trading Floor Blog

Upgrades & Downgrades: FDX, DO, DRYS, DSX, and NFX

Analysts adjusted their ratings on FDX, DO, DRYS, DSX, and NFX

by 10/21/2011 10:59 AM
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Analysts are weighing in today on parcel delivery firm FedEx Corporation (FDX - 78.67), oil-and-gas contractor Diamond Offshore Drilling, Inc. (DO - 64.24), shipping peers DryShips Inc. (DRYS - 2.61) and Diana Shipping Inc. (DSX - 7.89), and commodity concern Newfield Exploration Co. (NFX - 36.41). Here's a quick roundup of today's upgrades and downgrades of note.

  • First up, FDX has gained 2.7% today, despite a downgrade to "hold" at Standpoint Research. The stock is paring its year-to-date deficit of 17.7%, and is on pace for a second consecutive weekly close above its 10-week moving average. Most analysts maintain an upbeat view on FDX, despite its underperformance in 2011; Zacks tallies 18 "buy" or better ratings, along with four "holds" and zero "sells."
  • One day after the company surpassed Wall Street's third-quarter profit predictions, DO was hit with a price-target cut to $61 from $67 at Barclays. However, DO has joined in the day's widespread rally, up 4.1% at last look. In fact, DO is currently poised to collect a daily close atop its 80-day moving average for only the second time since April 29.
  • As for DRYS, the equity has tacked on 1.6% following an "equal weight" initiation at Barclays. The shares are still trading below familiar resistance at their 50-day trendline, which has kept DRYS under pressure since mid-January. Most analysts seem unruffled by the stock's steep year-to-date deficit of 53.2%, as Zacks indicates that five out of eight brokerage firms maintain an upbeat "strong buy" rating on DRYS.
  • Barclays is slightly less enthusiastic about DSX, which was hit with a new "underweight" rating this morning. Thanks to a widespread buying mood on Wall Street, the shares have managed to gain 0.3% so far -- but DSX remains stuck beneath its 10-week moving average, which has served as stubborn resistance since mid-March.
  • Finally, after suffering a drastic post-earnings plunge on Thursday, NFX today was hit with price-target cuts from Jefferies (to $44 from $69), Citigroup (to $48 from $58), Barclays (to $55 from $60), and Howard Weil (to $69 from $89). Macquarie also piled on, downgrading NFX to "neutral" from "outperform." However, even NFX is taking part in today's rally, up 1.7% in mid-morning action.

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