UPDATE: ISI Group Downgrades GulfMark Offshore to Buy on Lower Utilization Risk to Earnings
ISI Group downgraded GulfMark Offshore (NYSE: GLF) from Strong Buy to Buy.
ISI Group commented, "While we are lowering our rating on GLF primarily on lower EPS and exposure stemming from lower global utilization growth expectations, we remain positive on the shares as we believe the Company remains well positioned in the GOM DW PSV market through their current fleet and growth from newbuilds (+4 in 2013-2015), maintains the most leverage to the likely improvement in the North Sea longer term (+7 newbuilds through 2013-14) and the Company's recent dividend policy likely continues to attract yield-focused investors (currently 2.5%)."
GulfMark Offshore closed at $39.33 on Friday.
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