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Jul. 17, 2015, 5:55 AM
- Halliburton (NYSE:HAL) declares $0.18/share quarterly dividend, in line with previous.
- Forward yield 1.79%
- Payable Sept. 23; for shareholders of record Sept. 2; ex-div Aug. 31.
Jul. 13, 2015, 2:55 PM
- Analysts continue to believe the merger of Halliburton (HAL +1.1%) and Baker Hughes (BHI +0.6%) will still go through, after the two companies agreed to extend the period for the Department of Justice review of the deal to the later of Nov. 25, 2015 or 90 days.
- Oppenheimer's James Schumm says the extension "does not change our thinking or have any impact on our estimates" for a year-end 2015 closing; beyond the DoJ, HAL and BHI still need approval from other international regulators, notably in the European Union, and Schumm expects many to "piggyback" on the DoJ decision.
- Sterne Agee analysts also believe the deal will close around year-end and expect the deal spread to close gradually over the next several months; the firm maintains a Buy rating on both stocks but prefers BHI as a less expensive way to own HAL longer term.
Jul. 10, 2015, 5:25 PM
- Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI) say they agree to extend until at least Nov. 25 the Department of Justice's review period for the merger of the oilfield services companies.
- HAL also says it has proposed plans with various competition enforcement authorities around the world to divest more businesses than had been previously announced.
- The companies say they now expect the $35B acquisition to close by Dec. 1.
Jul. 10, 2015, 12:39 PM
- Superior Energy (SPN -0.1%) and Weatherford (WFT -0.1%) are upgraded to Buy from Hold and Forum Energy Tech (FET +0.9%) is raised to Hold from Underperform at Jefferies, saying the stocks now reflect lower oil prices and an implied slower recovery.
- Jefferies analyst Brad Handler says that of the three upgrades, WFT arguably is the most notable, as investors do not need to "embrace lofty earnings power to find value in the shares.”
- Despite the decline in oil price, Jefferies’ energy team "retains its recovery outlook," adding that it is optimistic that June may have brought a U.S. production peak.
- The firm keeps Buy ratings on Halliburton (HAL +0.4%) and C&J Energy (CJES +1.2%).
Jun. 27, 2015, 8:25 AM
- Margins and revenues of the biggest oil services companies such as Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI) and Weatherford (NYSE:WFT) likely will remain at risk globally through 2016 due to the severity of the downturn in offshore and deepwater drilling, Wells Fargo says.
- Helping to partially offset the expected weakness offshore is a more resilient international land market relative to previous downturns, led by continued growth in select Middle East countries and Russia and relatively firm activity in Argentina, the firm says.
- The firm calls HAL its top pick among major oil services (NYSEARCA:OIH), but it lowers FY 2015 earnings estimates to negative territory for WFT and BHI.
- Earlier: Halliburton, Schlumberger stand out in battered oil services, J.P. Morgan says
Jun. 9, 2015, 8:55 PM
- GE's $12B deal to sell its U.S. private-equity lending business to Canada Pension Plan Investment Board is just the beginning of its plan to shed ~$200B of GE Capital assets - and a whole lot of cash to spend on takeovers.
- Although GE may not make a move right away as it tries to complete the $14B purchase of most of Alstom’s energy business, Bloomberg figures it could amass a $40B war chest for takeovers.
- Among speculated targets: Pentair (NYSE:PNR), a provider of water pumps and filtration systems; Flowserve (NYSE:FLS), a maker of industrial pumps and valves; electrical components manufacturer Hubbell (HUB.A, HUB.B); life sciences equipment maker Bio-Rad Laboratories (NYSE:BIO); and some of the assets Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI) will divest as part of their merger.
- Whatever the target, acquisitions likely will be part of GE’s transformation after asset sales and returning capital to shareholders.
Jun. 5, 2015, 11:49 AM
- Analysts say yesterday's release of a landmark EPA study that found fracking had no widespread impact on drinking water makes it less likely that the Obama administration or Congress will strip a 2005 exemption of fracking from drinking water laws and that the EPA will move to tighten rules on disclosure of the chemicals used and limits on the methane emitted.
- "The EPA fracking study does not appear likely to spur additional federal water regulation beyond initiatives that are already in process," ClearView Energy Partners analyst Kevin Book writes.
- That’s seen as good news for companies such as Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB), the largest oil services companies, as well as producers such as Exxon Mobil (NYSE:XOM) and Chesapeake Energy (NYSE:CHK), as they weather lower oil and natural gas prices.
- The study "is absolutely consistent with all the previous studies that show that effective well containment practices make hydraulic fracturing a very safe practice,” XOM said after the report's release.
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
May 29, 2015, 12:28 PM
- Oil services providers (NYSEARCA:OIH) and drillers are eyed with caution by the J.P. Morgan analyst team, which warns that most of the stocks have put much of their near-term upside behind them.
- But JPM sees a bright spot in the large-cap service sector, where "scale matters even more [than usual] in what we expect to be a shallower recovery."
- JPM rates Halliburton (HAL +0.6%) and Schlumberger (SLB +0.4%) at Overweight with respective price targets of $56 and $101; the firm praises HAL's pending merger with Baker Hughes, which it thinks will create “create a powerhouse North American competitor," and says SLB is positioned to come out of the downturn strong, thanks to its presence in attractive markets and initiatives it began before oil prices fell.
- The firm also rates Weatherford (WFT +0.4%) at Overweight, with a $19 target, believing WFT will enjoy "substantially improved operating leverage in the next upcycle" after shedding non-core assets and lowering its leverage.
May 26, 2015, 3:58 PM
- Land drillers Patterson-UTI Energy (PTEN -6.1%), Nabors Industries (NBR -6.1%) and Weatherford (WFT -2.7%) are downgraded to Underperform from Outperform at CLSA, based on its belief that oil prices remain vulnerable.
- CLSA describes the advancement of unconventional drilling and completion as one of the most disruptive technologies in oilfield history, an achievement that likely will derail the normalization of a cycle and trigger a number of structural consequences; the firm says it favors maintstays such as Halliburton (HAL -1.1%) and Schlumberger (SLB -1.4%) "that have and will continue to facilitate the change, not those that will be impaired by the change."
May 26, 2015, 11:59 AM
- Nigeria's main oil union has shut down Halliburton's (HAL -0.8%) local operations in protest against the company's decision to sack 46 local staff members.
- HAL has said it expects to cut 6.5%-8% of its global workforce of ~80K, amounting to 5,200-6,400 jobs, because of market conditions resulting from low oil prices.
- HAL offers drilling services to Royal Dutch Shell and Chevron in Nigeria, which is Africa's top oil producing country.
May 21, 2015, 5:16 PM
- Halliburton (NYSE:HAL) declares $0.18/share quarterly dividend, in line with previous.
- Forward yield 1.56%
- Payable June 24; for shareholders of record June 3; ex-div June 1.
May 21, 2015, 12:45 PM
- Transocean (RIG +4%) powers higher a day after reaching an agreement with BP (BP +2%) that could finally put claims from the 2010 Deepwater Horizon oil spill behind it.
- The settlement is excellent news that immediately reduces a major element of uncertainty for RIG and eliminates a huge overhang on the company's balance sheet and cash flow statements, Zephirin Group says, adding that it incrementally adds to current liquidity of ~$5.6B.
- Zephirin reiterates its Strong Buy rating and $34 price target after shares have dropped 79% since the spill.
- Shares of Halliburton (HAL +2.9%), which also agreed to settle remaining spill-related claims with BP, also are higher.
May 21, 2015, 9:30 AM
- Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
- New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
- The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
May 20, 2015, 4:34 PM
- Halliburton (NYSE:HAL) and BP say they have agreed to settle all remaining claims related to the 2010 Deepwater Horizon oil spill and dismiss pending claims against each other.
- HAL says the agreement allows it to strengthen its relationship with BP by negotiating a global master services agreement between the companies.
- HAL performed the oil well cementing on the Deepwater Horizon rig, which was owned by Transocean and operated by BP.
May 19, 2015, 11:57 AM
- Siemens' (OTCPK:SIEGY +0.2%) decision to sell $7.75B in bonds to pay for its acquisition of Dresser-Rand means it still has cash to bid for assets that Halliburton (HAL -2.6%) is preparing to sell, Bloomberg reports.
- Siemens took advantage of investor demand for dollar-denominated assets in yesterday’s debt sale, with a $1.75B tranche of 30-year bonds sold at a yield of 1.4 percentage points more than comparable treasuries; the sale helps the company retain ammunition for further deals.
- Siemens is said to be one of more than half a dozen companies eyeing the $5B-$10B in businesses that HAL is preparing to sell as it seeks regulatory approval for its acquisition of Baker Hughes.
Apr. 23, 2015, 5:49 PM
- At least a half-dozen major industrial companies - including GE, Caterpillar (NYSE:CAT) Siemens (OTCPK:SIEGY), Honeywell (NYSE:HON), Dover (NYSE:DOV), Danaher (NYSE:DHR) and Emerson Electric (NYSE:EMR) - are said to be weighing offers for oilfield services assets worth $5B-$10B that Halliburton (NYSE:HAL) is preparing to sell ahead of its pending merger with Baker Hughes (NYSE:BHI), Bloomberg reports.
- HAL reportedly will send offering materials to those companies, as well as P-E firms and rival oilfield services providers, in the coming weeks; first up likely will be the drill bits unit and another that uses data to track and steer the direction of drills.
- These companies could own an edge over oilfield services companies that analysts have pegged as logical bidders for HAL’s castoffs - such as National Oilwell Varco (NYSE:NOV) and Superior Energy Services (NYSE:SPN) - because HAL might not want to give any more market share to companies that already offer the same services, preferring to sell to new players entering the market.
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