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Thu, Feb. 4, 6:04 AM
Wed, Feb. 3, 5:30 PM
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Wed, Jan. 20, 6:38 PM
- ConocoPhillips (NYSE:COP), ExxonMobil (NYSE:XOM), Marathon Oil (NYSE:MRO) and Occidental Petroleum (NYSE:OXY) are retained with Outperform ratings at Wells Fargo, which says the average upside potential for the four in its international E&P and integrated oil group is 38% at the top end of its valuation range and 25% at the lower end.
- From both a debt-adjusted cash flow and enterprise value/EBITDA standpoint, MRO and Market Perform-rated Chevron (NYSE:CVX) and Murphy Oil (NYSE:MUR) carry the most discounted valuations, the firm says.
- Among oil services stocks, the firm likes Halliburton (NYSE:HAL), RPC (NYSE:RES), Patterson-UTI Energy (NASDAQ:PTEN), U.S. Silica (NYSE:SLCA) and Nabors Industries (NYSE:NBR) to survive the downturn while maintaining the financial flexibility to thrive and take share in a North American recovery.
- Earlier: Wells Fargo's MLPs most likely to cut distributions: ETE, ETP, WMB, WPZ, AMID, APLP, CCLP, CEQP (Jan. 15)
Dec. 11, 2015, 11:46 AM
- Investors should buy oil services stocks with exposure to onshore oil production on weakness going forward, Citi analyst Scott Gruber says in "a deliberately early call."
- Onshore oil businesses are set to recover because OPEC does not appear able to meet global demand after 2016, Gruber says, adding that the rally in the companies likely will be "powerful" when it arrives.
- Gruber continues to name Halliburton (HAL -1.7%) and Baker Hughes (BHI -4.7%) as his top picks, but he also believes small and mid-cap names in the sector will rally; he upgrades C&J Energy (CJES -4.8%), Nabors Industries (NBR -3.2%), Patterson-UTI (PTEN -2.2%), Superior Energy (SPN -3.8%) and Weatherford (WFT -6.2%) to Buy from Hold, and raises Helmerich & Payne (HP -2%) and National Oilwell Varco (NOV -1.4%) to Neutral from Sell.
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. 11, 2015, 5:53 PM
- UBS oil services analyst Angie Sedita cautions that 2016 will remain difficult in the industry, especially for offshore drillers, but she awards Buy ratings to three leading land drillers, noting that pricing weakness will remain a struggle but that land drillers typically lead the sector off the bottom.
- The firm says Helmerich & Payne (NYSE:HP), Nabors Industries (NYSE:NBR) and Patterson-UTI Energy (NASDAQ:PTEN) have the potential to bring patient investors solid returns in 2016 and beyond.
- None of the offshore drillers gain Buy ratings from Sedita and her team.
Oct. 22, 2015, 6:03 AM
- Patterson-UTI Energy (NASDAQ:PTEN): Q3 EPS of -$0.26 beats by $0.08.
- Revenue of $422.25M (-50.1% Y/Y) beats by $10.88M.
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. 15, 2015, 12:18 PM
- Citi analyst Scott Gruber reiterates his cautious view on the oil services sector (NYSEARCA:OIH) as it “digests the likelihood of domestic E&P spending declining 15%-20% next year, driving activity lower and maintaining pressure on rates.”
- Gruber now sees a better than 30% drop In the average cost of a U.S. shale well in 2015 and another 5%-10% drop in 2016 compared to the forecast he made in March of a 20%-25% drop in 2015 and another 2%-3% decline next year.
- The analyst sees a need for “material negative revisions” across the universe of mid- and small-cap oil services stocks he covers, including Superior Energy (NYSE:SPN), RPC (NYSE:RES), Patterson-UTI (NASDAQ:PTEN), Nabors Industries (NYSE:NBR), C&J Energy (NYSE:CJES) and Aspen Aerogels (NYSE:ASPN).
- Gruber recommends taking advantage of negative sentiment to buy “premiere franchises” Schulmberger (NYSE:SLB) and Halliburton (NYSE:HAL).
Sep. 1, 2015, 6:57 PM
- Diamond Offshore (NYSE:DO) is upgraded to Market Perform from Underperform along with the overall offshore drilling segment at Wells Fargo to reflect valuations below net asset value and the potential for an underappreciated demand profile in a recovery scenario in 2017-18.
- But it is hardly a ringing endorsement, as the firm also cut its offshore drilling earnings estimates by 10%-40% for 2016 and 20%-60% for 2017 to primarily reflect likely 5%-15% reductions in floater dayrates and 10%-20% reductions in jack-up dayrates as well as updated idling/stacking assumptions across each fleet.
- For DO, the firm believes the downside risk for the company’s fleet is largely priced in, and that DO’s free cash flow and strong balance sheet relative to the industry suggests more of a neutral outlook than meaningful downside risk.
- Wells' move hardly helped today's stock results in the sector, which were sharply lower: DO -4.2%, RIG -3.5%, SDRL -6.3%, ESV -5.5%, NE -2.4%, ATW -4.5%, RDC -2.1%, ORIG -6.3%.
- At the same time, Wells downgraded land drillers Pioneer Energy (NYSE:PES), RPC Inc. (NYSE:RES) and Patterson-UTI (NASDAQ:PTEN) to Market Perform from Outperform.
Jul. 27, 2015, 12:57 PM
- Patterson-UTI (PTEN -2.7%) is downgraded to Accumulate from Buy with an $18 price target, cut from $27, at Global Hunter, which calls into question the timing and trajectory of a North American onshore recovery due to the more uncertain E&P spending outlook.
- Hunter says it still believes onshore service activity is bottoming, and favors PTEN's positioning relative to peers, but it expects investors will focus on 2016, and the firm's EPS estimate for 2016 is 18% below consensus.
- While the firm believes activity levels likely have stabilized, it assumes a more moderate slope to the recovery in both contract drilling and pressure pumping.
Jul. 23, 2015, 6:05 AM
- Patterson-UTI Energy (NASDAQ:PTEN): Q2 EPS of -$0.13 beats by $0.14.
- Revenue of $472.76M (-37.6% Y/Y) beats by $24.45M.
Jul. 17, 2015, 11:32 AM
- Offshore drillers are significantly underperforming the broader market following cautious commentary from Schlumberger (SLB -0.1%) despite its Q2 earnings beat, a contract termination and an analyst downgrade.
- On its earnings call this morning, SLB said it expects little improvement in pricing levels in the near future and declines in activity for offshore drillers, while land rigs provide a more attractive opportunity and better margins.
- For its Q3, SLB foresees a further 5%-6% decline in Q/Q revenue as well as lower EPS, and says the $0.77 consensus is a realistic number.
- Yesterday, ConocoPhillips (COP -1.8%) said it plans to cut future deepwater exploration spending, particularly in its operated Gulf of Mexico program; in light of the decision, COP is terminating a contract for an Ensco (ESV -4.9%) deepwater drill ship.
- Also, UBS today downgraded National Oilwell Varco (NOV -1.5%) to Sell from Neutral.
- SDRL -6.4%, RIG -4.7%, RDC -6%, DO -3.3%, ATW -4.2%, HP -1.2%, PTEN -1.2%, PACD -5.7%.
Jul. 9, 2015, 3:26 PM
- The tide is finally starting to turn for global oil services stocks (NYSEARCA:OIH), Morgan Stanley says, now seeing a very favorable risk/reward balance for investors and up to 60% upside in the space over the next 6-9 months with only ~10% downside risk.
- The firm says it begins to see signs that global oil production is getting under control, as U.S. rig counts appear to have stabilized well below the level necessary to sustain production and Brazil production was recently revised well below consensus expectations.
- Stanley's top pick in the group is Schlumberger (SLB +1.1%), and it also likes Core Labs (CLB +2.2%), Frank's International (FI +1.5%), Patterson-UTI (PTEN +2.7%), Nabors Industries (NBR +4%) and Helmerich & Payne (HP +1.9%).
Jun. 19, 2015, 4:58 PM
- Patterson-UTI Energy (NASDAQ:PTEN), Precision Drilling (NYSE:PDS) and Nabors Industries (NYSE:NBR) are the best bets among oilfield services stocks, RBC analysts say.
- The firm says its initial 2017 EPS estimates for North American land drillers are generally higher than consensus, and believes the Street underestimates the magnitude of the North American recovery and that valuations are reasonable "when looking through the near term noise."
- RBC says land drillers consistently have been among the top performers in every oil cycle rebound dating back to 1997-98, driven primarily by U.S. E&P spending, which has the highest velocity once oil starts to recover; NBR, PTEN and PDS have averaged among the top five performing sector stocks coming off crude oil troughs, the firm says.
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."
Patterson-UTI Energy Inc is a provider of contract services to the oil and natural gas industry. It operates in three segments namely contract drilling services, pressure pumping services, and oil and natural gas exploration and production.
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