real-time news and commentary for investors
Friday, Oct 18
Baker Hughes, Schlumberger surge after topping estimates
- The big four oil service stocks (OIH +1.8%) are ripping to multi-year highs following strong reports from Baker Hughes and Schlumberger: BHI +7.8%, SLB +2.4%, HAL +1.1%, WFT +0.5%.
- Capital One calls BHI's earnings “very impressive... everything is hitting on all cylinders" as profit margins increased in all markets.
- On SLB, UBS says "internal initiatives within the company should drive continued financial performance given (its) size and product breadth."
- Smaller U.S.-focused players, such as Superior Energy (SPN +2.4%) and its profit warning earlier this week, are facing a tougher time as U.S. drillers become more efficient at well sites.