Falling Oil Prices Hit RigNet, Offshore Drillers
Plummeting oil prices have roiled stocks tied to deepwater offshore drilling projects, but RigNet (RNET) is well-positioned to ride out the industry’s downturn, says Macquarie Research, which initiated coverage on RigNet stock with a neutral rating. Macquarie analyst Walt Chancellor set a price target of 45 on RigNet stock. Shares of Houston-based RigNet are down 5% in 2014 even after rising 5% on Monday after the company announced an acquisition