Once very bullish on the deepwater offshore drillers space, Wall Street now seems to have reversed its position, as several players in this sector just got Wall Street analyst downgrades. In this video, Motley Fool energy analysts Joel South and Taylor Muckerman take a look at which deepwater drillers were downgraded and what's behind the sudden wavering of confidence in the sector. According to Joel, the long-term prospects for these companies make these downgrades short-term noise and this might be an interesting time to buy.

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Joel South has no position in any stocks mentioned. Taylor Muckerman owns shares of Ensco. The Motley Fool recommends and owns shares of Seadrill. It also owns shares of Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.