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Eight oilfield service stocks cut at Raymond James on lower activity outlook

Dec. 13, 2018 9:13 AM ETNabors Industries Ltd. (NBR) StockTTI, SPNX, NBR, WFRD, RES, UNT, CCLP, NCSMBy: Carl Surran, SA News Editor37 Comments
  • Nabors Industries (NYSE:NBR) -3.1% pre-market, one of eight oilfield service stocks downgraded at Raymond James, which says 2019 E&P cash flow and capex outlooks for the sector are far more bearish now than just a month ago.
  • Ray Jay now expects overall initial U.S. E&P budgets to decline by 10%-15% Y/Y and that near-term consensus oilfield service estimates still need to come down, adding credit markets currently are not "accommodative for the more highly levered names."
  • The firm downgrades eight stocks it says are most exposed to a short-term activity slowdown: NBR, CCLP, NCSM, RES, SPN, TTI, UNT and WFT.
  • J.P. Morgan downgraded five oil servicers earlier this week, citing a moderating pace of U.S. activity.
  • Source: Bloomberg First Word

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