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Oilfield services stocks have dropped too far, Credit Suisse analyst says

Aug. 31, 2017 5:56 PM ETHalliburton Company (HAL) StockHAL, WFRD, SLCA, TUSK, WTTR, SOI, NCSMBy: Carl Surran, SA News Editor8 Comments
  • Now may be time to take the plunge into oilfield services stocks, Credit Suisse analysts say, after the group has shed ~5% in the past week amid Harvey's devastation of Houston and surrounding areas.
  • The costs will be “astronomical,” but CS analyst James Wicklund believes oil and gas drilling and production actually should come back online fairly quickly, and while Eagle Ford operators may have some initial difficulties, the need for increased oil production is inevitable.
  • Even so, Wicklund says investors must be selective, buying companies whose technology or execution has lowered the breakeven cost of oil or allowed the rig count to drop while growing production; his favorites in the group are Halliburton (NYSE:HAL), U.S. Silica (NYSE:SLCA), Weatherford (NYSE:WFT), Select Energy Services (NYSE:WTTR), NSC Multistate (NASDAQ:NCSM), Solaris Oilfield (NYSE:SOI) and Mammoth Energy (NASDAQ:TUSK).

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