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Thu, Jan. 28, 7:45 AM
Mon, Jan. 25, 8:08 AM
- Schlumberger (NYSE:SLB) is set to gain unconditional approval from the European Union for its $14.8B takeover of equipment maker Cameron International (NYSE:CAM), Reuters reports.
- Antitrust experts have predicted that the deal would draw minimum scrutiny since the companies offer complementary product lines, while Halliburton's (NYSE:HAL) proposed $35B offer for Baker Hughes (NYSE:BHI) would face a tougher time because of concerns it could push up prices for oil and gas exploration in Europe.
- U.S. antitrust regulators cleared the deal without conditions last November.
Thu, Jan. 21, 5:44 PM
- Schlumberger (NYSE:SLB) +0.5% AH after reporting better than expected Q4 earnings but a 39% Y/Y drop in revenue as it faced a continuing decline in rig activity, project delays and cancellations and other problems resulting from lower oil prices.
- Q4 revenue totaled $7.74B, down from $12.64B in the year-ago period, as revenue in North America plunged 55% Y/Y and revenue for operations outside North America fell 30%.
- SLB says its cost of revenue fell 35% in Q4, partly the result of cutting 10K jobs in the quarter; it had cut 20K jobs earlier in 2015.
- SLB expects to close its acquisition of Cameron (NYSE:CAM) by the end of Q1, and says the large stock component - 78% in stock and 22% in cash - insulates the deal from market volatility.
- SLB also unveils a new $10B share buyback program to replace the 2013 program for the same amount that is nearing completion.
Dec. 17, 2015, 3:52 PM
- Cameron (CAM -1.9%) shareholders easily approve Schlumberger's (SLB -2.3%) takeover of the company in a deal worth ~$12.7B, paving the way for the transaction to close early next year.
- The U.S. Department of Justice cleared the deal last month without conditions, but the companies still await regulatory approval from the European Commission as well as other jurisdictions that have not been publicly identified in documents.
- Once finalized, CAM shareholders will receive 0.716 SLB shares for every share of CAM plus $14.44 in cash.
Dec. 15, 2015, 6:24 AM| Dec. 15, 2015, 6:24 AM
- November monthly performance was: 0%
- No dividends were paid in November
- Top 10 Holdings as of 11/30/2015: VeriSign Inc (VRSN): 0.41%, TFS Financial Corp (TFSL): 0.4%, TECO Energy Inc (TE): 0.37%, Vantiv Inc (VNTV): 0.34%, Nasdaq Inc (NDAQ): 0.34%, Lockheed Martin Corp (LMT): 0.34%, Southwest Airlines Co (LUV): 0.34%, Alphabet Inc Class A (GOOGL): 0.33%, Republic Services Inc Class A (RSG): 0.33%, Cameron International Corp (CAM): 0.33%
Nov. 30, 2015, 2:23 PM
- The "lower for longer" consensus on crude oil prices is overly conservative, and prices will begin bouncing back next year, Guggenheim analysts say as they upgrade the oil services sector to Buy and see plenty of upside for the major players given current market conditions.
- Guggenheim is calling for oil prices to return to $100/bbl by 2018, and sees 10% upside across the board for oil services stocks in the next year resulting from the group's unique exposure to crude prices.
- Within the group, the firm prefers Rowan (RDC +1.8%) and Atwood Oceanics (ATW +1.6%), as their backlogs should help reduce near-term risk, RDC has no newbuild commitments and ATW is finalizing a contract in Brazil for one of its two uncontracted rigs, utilization in the Middle East (NYSE:RDC) and Australia (NYSE:ATW) should be resilient on a relative basis, and both have fleets that make them more interesting M&A candidates.
- Upgraded to Buy from Neutral: CAM, RIG, NE, OII, PACD, DO, ESV, CLB, OIS, HP, NBR, CRR, NOV, DRQ, FI, PTEN, SSE, FTI, CJES, FET, SPN.
Nov. 17, 2015, 6:30 PM
- Schlumberger’s (NYSE:SLB) proposed purchase of Cameron International (NYSE:CAM) is cleared by the U.S. Justice Department, putting the companies on track to close the deal early next year.
- The DoJ found that the transaction did not violate antitrust laws, and cleared the proposed merger without any conditions, the companies said.
- CAM shareholders still must sign off on the deal, and are expected to vote in a special meeting on Dec. 17; approval is not needed from SLB’s shareholders.
Nov. 6, 2015, 5:30 PM
- Oilfield service companies are in "survival mode," looking to cut costs large and small - from thousands of job cuts to capacity reductions to changing paint colors - WSJ reports.
- Example: Technip (OTCQX:TNHPF) is cutting 6K jobs and using white paint instead of yellow on underwater equipment because adding pigment is more expensive.
- The oil downturn has left even the world's biggest oil services company, Schlumberger (NYSE:SLB), vulnerable; in its Q3 results, the company reported big drops in earnings and revenue.
- Next year could be even worse as producers cut more than $200B in spending this year and next; consult Wood Mackenzie expects only 10 new projects globally to attract investment commitments, which would hit a sector that typically has the capacity to support an average of 40-50 new projects a year.
- Other relevant tickers include: HAL, BHI, CAM, WFT, AMFW, XLE, OIH, XES, IEZ
Oct. 22, 2015, 7:42 AM
- Cameron (NYSE:CAM): Q3 EPS of $1.18 beats by $0.36.
- Revenue of $2.21B (-17.5% Y/Y) beats by $40M.
Oct. 21, 2015, 5:30 PM
- AB, ACAT, ACOR, ADS, AEP, ALK, APOL, ASPS, BCC, BEN, BHE, BMS, CAB, CAM, CAT, CBU, CEMP, COR, CRS, CY, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FNB, GMT, GPK, GRA, HBAN, HUB.B, IVC, JNS, LAZ, LLY, LUV, MCD, MHO, MINI, MJN, MMM, NDAQ, NUE, NWE, ORI, PCP, PDS, PENN, PH, PHM, PRLB, PTEN, R, RCI, RS, RTN, SIRI, SJR, SNA, SQNS, STC, SWK, TCB, TROW, UA, UAL, UNP, USG, UTEK, WAB, WBC, WCC, XRS
Sep. 16, 2015, 5:18 PM
- Cowen analyst James Crandell thinks the current down cycle in oil is "the worst ever" in terms of magnitude of the decline in exploration and production spending and thus in its impact on oil services companies (NYSEARCA:OIH); unlike past cycles, Crandell says there is a growing realization that a strong recovery in oil prices is not likely.
- Crandall estimates that when all is said and done, the 2015-16 down cycle will see a decline in global E&P spending of 35%-40%, with a drop internationally of 30% and in North America of 50%.
- The analyst cuts his price target on Baker Hughes (NYSE:BHI) to $56 from $61, Halliburton (NYSE:HAL) to $38 from $40, and Schlumberge (NYSE:SLB) to $90 from $100, but raises his target on Cameron International (NYSE:CAM) to $65 from $51.
Sep. 4, 2015, 12:23 PM
- Sclumberger’s (NYSE:SLB) purchase of Cameron International (NYSE:CAM) should easily close, with optimism growing that Halliburton's (NYSE:HAL) bid for Baker Hughes (NYSE:BHI) also will close, and the deals mean more oil company M&A is on the way, FBR Capital analyst Thomas Curran believes.
- The wave of heavyweight deals likely is not over yet, Curran says, seeing Weatherford (NYSE:WFT) as the highest probability takeout with the broadest set of plausible strategic suitors; National Oilwell Varco (NYSE:NOV) is viewed as having a high likelihood of entering into a big deal, although probably as an acquirer, and FMC Tech (NYSE:FTI) could puruse a full combination with Technip, its 50/50% JV partner in Forsys Subsea.
Sep. 3, 2015, 9:52 AM
- Schlumberger (SLB +0.9%) is upgraded to Buy from Neutral at Citigroup, which says its strategy and ability to deliver will allow the stock to outperform with an average 15% annual upside over three years.
- SLB's "superior strategy, delivery platform, technology development and execution will facilitate a resumption to excess returns in 2017," analyst Scott Gruber writes.
- However, Gruber believes consensus earnings forecasts for SLB could prove too high, since he says they do not take into account the recent drop in oil prices; thus he cuts its target price for SLB to $87 from $93.
- Citi also upgrades Cameron (CAM +0.5%) to Buy from Neutral, seeing a 95% probability of CAM's acquisition by SLB being completed successfully.
Sep. 2, 2015, 6:47 PM
- Analysts at RBC Capital add five names - CNQ, OTCPK:DTNOY, WES, WFT and EXH - to the firm's Global Energy Best Ideas List, and removes five names.
- Canadian Natural Resources is well positioned to benefit from a rebound in crude oil as the largest heavy oil producer in Canada; DNO's near-term outlook is "set to be dominated" by regular oil payments from Kurdistan; Western Gas Partners is a defensive play given its solid but with ssignificant growth potential; Weatherford is the "next man up" on the M&A front; and Exterran Holdings is viewed favorably ahead of the proposed spin transaction.
- Removed from the RBC list: CAM, MIC, PDS, OTC:SECYF, OTCPK:AOIFF.
Aug. 31, 2015, 9:15 AM
- Singapore's Keppel Offshore & Marine agrees to acquire Cameron International's (NYSE:CAM) offshore rig business for $100M.
- The business consists of CAM's LeTourneau jackup rig designs, its rig kit business and aftermarket services; Keppel says the LeTourneau designs have been popular with certain market segments and will help it expand its suite of jackup rig offerings.
- CAM is set to be acquired by Schlumberger in a $14.8B deal.
Aug. 28, 2015, 2:56 PM
- Schlumberger (SLB +2.7%) is offering more than $66 in cash and stock per share while takeover target Cameron International’s (CAM +2.5%) private market value may be only $63, according to Gabelli analysts who lower their recommendation on CAM to Hold from Buy.
- The firm says arbitrageurs can earn a respectable ~10% annualized return on the deal, assuming a successful close by the end of Q1 2016 and given the current $3.62 deal spread.
- However, the firm believes the deal makes strategic sense for both companies, combining SLB’s subsurface and wellbore expertise with the largest surface technology and second-largest subsea equipment manufacturer, and expects the deal will close with minimal regulatory scrutiny.
Cameron International Corp provides flow equipment products, systems and services to oil and gas industries. The Company's business segments are Subsea, Surface, Drilling and Valves & Measurement.
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