Seeking Alpha

Cowen cuts oil service and drilling stocks, eyes slower than expected growth

  • Cowen lowers its estimates on oil service and drilling stocks (OIH) after an internal survey estimates slower than expected 4% growth in exploration and production spending in 2014, presenting a difficult scenario for the stocks to perform well (Briefing.com).
  • The firm downgrades and cuts earnings estimates for Baker Hughes (BHI -1.5%), Cameron (CAM -0.4%), Nabors Industries (NBR -2%), CGG (CGG -0.2%), Superior Energy (SPN -1.9%) and Helmerich & Payne (HP +1.1%) to Market Perform from Outperform as it reduces industry growth estimates for 2014 and 2015.
Comments (3)
  • yet another reason to ignore Cowen and company. "fracking" is going global. "and if you do the infrastructure right" (unlike say Canada) you can still drill for steam and make profitable....and have the natural gas as a "bonus."
    7 Jan, 12:51 PM Reply Like
  • Seriously, what makes Cowen any more credible than Wells who just upgraded the Oil Services Sector
    7 Jan, 01:20 PM Reply Like
  • The oil services have been upgraded.
    7 Jan, 08:57 PM Reply Like
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