Delphi Financial Grp. (NYSE:DFG), Nordstrom Inc. (NYSE:JWN), Lear Corporation (NYSE:LEA), MDU Resources (NYSE:MDU) and National Oilwell Varco Inc. (NYSE:NOV) declare dividends.
The Board of Directors of Delphi Financial Grp. (DFG) declared a quarterly common stock dividend of $0.12 per share payable 6/8/11 to shareholders of record at the close of business on 5/25/11.
The Board of Directors of Nordstrom Inc. (JWN) declared a quarterly common stock dividend of $0.23 per share payable 6/15/11 to shareholders of record at the close of business on 5/31/11.
The Board of Directors of Lear Corporation (LEA) declared a quarterly common stock dividend of $0.125 per share payable 6/22/11 to shareholders of record at the close of business on 6/3/11.
The Board of Directors of MDU Resources (MDU) declared a quarterly common stock dividend of $0.1625 per share payable 7/1/11 to shareholders of record at the close of business on 6/9/11.
The Board of Directors of National Oilwell Varco Inc. (NOV) declared a quarterly common stock dividend of $0.11 per share payable 6/24/11 to shareholders of record at the close of business on 6/10/11.
Showing posts with label National Oilwell. Show all posts
Showing posts with label National Oilwell. Show all posts
Friday, May 13, 2011
Monday, May 9, 2011
Shares of (CHK) (GEOI) (RRC) (NOV) (RDS-A) Trade Mixed as Oil Closed Down 15% Last Week
Companies exposed to oil and the industry traded mixed to end the week, as oil prices plummeted 15 percent last week, taking Chesapeake Energy Corp. (NYSE:CHK), GeoResources (NASDAQ:GEOI), Range Resources (NYSE:RRC), National-Oilwell Varco, Inc. (NYSE:NOV) and Shell (NYSE:RDS-A), and others, down with it.
Light, sweet crude oil for June delivery on the New York Mercantile Exchange dropped $2.62 to settle at $97.18 a barrel, matching the eight-week low of March 15. The U.S. Oil Fund (USO) closed down 1.1 percent on Friday.
For the week, the June oil futures contract fell 14.7 percent to $113.93.
Light, sweet crude for June delivery fell $2.62, or 2.6%, to close at $97.18 a barrel on the New York Mercantile Exchange.
In London, Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange.
Republicans went on the offensive against higher oil and gas prices by passing a bill to hasten the leasing process dragging on in the Gulf of Mexico as the Obama administration drag their feet on taking action. The bill would also require leasing to be allowed off the coast of Virginia.
According to Rep. Michael Burgess (R-Texas), the bill helped push down the price of oil as it sent a message to the market they're serious about the future supply.
All Obama has done so far has obsessed on the fantasy of green, clean or so-called alternative energy; a dubious matter at best, and at worst, ignoring what they country needs now and is available to it.
In other Nymex trading for June contracts, heating oil fell 4.12 cents to $2.8457 a U.S. gallon and gasoline futures were down 0.53 cents to $3.0901 a U.S. gallon. Natural gas fell 3.4 cents to $4.297 per 1,000 cubic feet.
Chesapeake Energy Corp. (CHK) closed Friday at $30.95, gaining $0.09, or 0.29 percent.
Light, sweet crude oil for June delivery on the New York Mercantile Exchange dropped $2.62 to settle at $97.18 a barrel, matching the eight-week low of March 15. The U.S. Oil Fund (USO) closed down 1.1 percent on Friday.
For the week, the June oil futures contract fell 14.7 percent to $113.93.
Light, sweet crude for June delivery fell $2.62, or 2.6%, to close at $97.18 a barrel on the New York Mercantile Exchange.
In London, Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange.
Republicans went on the offensive against higher oil and gas prices by passing a bill to hasten the leasing process dragging on in the Gulf of Mexico as the Obama administration drag their feet on taking action. The bill would also require leasing to be allowed off the coast of Virginia.
According to Rep. Michael Burgess (R-Texas), the bill helped push down the price of oil as it sent a message to the market they're serious about the future supply.
All Obama has done so far has obsessed on the fantasy of green, clean or so-called alternative energy; a dubious matter at best, and at worst, ignoring what they country needs now and is available to it.
In other Nymex trading for June contracts, heating oil fell 4.12 cents to $2.8457 a U.S. gallon and gasoline futures were down 0.53 cents to $3.0901 a U.S. gallon. Natural gas fell 3.4 cents to $4.297 per 1,000 cubic feet.
Chesapeake Energy Corp. (CHK) closed Friday at $30.95, gaining $0.09, or 0.29 percent.
Friday, May 6, 2011
Halliburton (HAL) (NOV) (CLR) (CRZO) (STR) Pressured as Oil Falls
Shares of oil and oil-related companies Halliburton (NYSE:HAL), National-Oilwell Varco, Inc. (NYSE:NOV), Continental Resources (NYSE:CLR), Carrizo Oil & Gas (NASDAQ:CRZO) and Questar Corporation (NYSE:STR) were pressured Thursday as crude for June delivery dropped below the $100 a barrel mark.
Crude oil for June delivery was down $9.44, or 8.6 percent, to $99.80 a barrel on the New York Mercantile Exchange. The price has fallen 12 percent so far this week, declining every day of the week. Crude has soared 25 percent over the last year.
Gasoline for May delivery was down 22.71 cents, or 6.8 percent, to $3.0954 a gallon on the Nymex, the lowest settlement in five weeks. Gasoline has jumped 39 percent in a year.
Averaged across the nation, regular gasoline at the pump increased 0.3 cent to $3.985 a gallon on Wednesday, according to the website of AAA. That's highest price of gasoline since July 24, 2008.
Heating oil for May delivery was down 25.61 cents, or 8.1 percent, to $2.8869 a gallon on the Nymex. Heating oil has climbed 32 percent over the last year.
The New York Mercantile Exchange reported that oil futures settled at $99.80, down $9.44 or 8.6 percent on Thursday.
Government figures show gasoline demand in America has dropped about 2 percent over the last month, which added to rises in inventory, should push gasoline prices down again.
Questar Corporation (NYSE:STR) closed Thursday at $17.02, dropping $0.13, or 0.76 percent.
Crude oil for June delivery was down $9.44, or 8.6 percent, to $99.80 a barrel on the New York Mercantile Exchange. The price has fallen 12 percent so far this week, declining every day of the week. Crude has soared 25 percent over the last year.
Gasoline for May delivery was down 22.71 cents, or 6.8 percent, to $3.0954 a gallon on the Nymex, the lowest settlement in five weeks. Gasoline has jumped 39 percent in a year.
Averaged across the nation, regular gasoline at the pump increased 0.3 cent to $3.985 a gallon on Wednesday, according to the website of AAA. That's highest price of gasoline since July 24, 2008.
Heating oil for May delivery was down 25.61 cents, or 8.1 percent, to $2.8869 a gallon on the Nymex. Heating oil has climbed 32 percent over the last year.
The New York Mercantile Exchange reported that oil futures settled at $99.80, down $9.44 or 8.6 percent on Thursday.
Government figures show gasoline demand in America has dropped about 2 percent over the last month, which added to rises in inventory, should push gasoline prices down again.
Questar Corporation (NYSE:STR) closed Thursday at $17.02, dropping $0.13, or 0.76 percent.
Thursday, May 5, 2011
BP (BP) (LINE) (NOV) (BHI) (OIS) Down on Slowing Demand
Oil companies and other industry-related companies like Linn Energy, LLC (NASDAQ:LINE), National-Oilwell Varco, Inc. (NYSE:NOV), Baker Hughes Incorporated (NYSE:BHI), Oil States Intl., Inc. (NYSE:OIS) and BP (NYSE:BP) all closed down Wednesday as oil prices took a breather.
Oil prices dropped after a government report showed that inventories are growing as demand softens in the U.S. Benchmark crude for June delivery was down $1.81 to settle at $109.24 a barrel on the New York Mercantile Exchange.
In other Nymex trading for June contracts, heating oil fell 4.78 cents to settle at $3.143 a gallon, gasoline futures lost 0.69 cent to $3.3225 a gallon and natural gas was lower by 9.4 cents to $4.644 per 1,000 cubic feet.
The U.S. dollar index shrunk 0.15 percent to $73.01, down from Tuesday's 73.127 close. The dollar index has fallen 7.5 percent so far in 2011.
BP closed Wednesday at $44.38, falling $0.42, or 0.94 percent.
Oil prices dropped after a government report showed that inventories are growing as demand softens in the U.S. Benchmark crude for June delivery was down $1.81 to settle at $109.24 a barrel on the New York Mercantile Exchange.
In other Nymex trading for June contracts, heating oil fell 4.78 cents to settle at $3.143 a gallon, gasoline futures lost 0.69 cent to $3.3225 a gallon and natural gas was lower by 9.4 cents to $4.644 per 1,000 cubic feet.
The U.S. dollar index shrunk 0.15 percent to $73.01, down from Tuesday's 73.127 close. The dollar index has fallen 7.5 percent so far in 2011.
BP closed Wednesday at $44.38, falling $0.42, or 0.94 percent.
Wednesday, May 4, 2011
Venoco Inc. (VQ) (NOV) (SLB) (SHI) (HAL) Trade Down as Oil Demand Falls
Decreasing demand for fuel has pushed down oil inventories and the price of oil, putting pressure on Venoco Inc. (NYSE:VQ), National-Oilwell Varco, Inc. (NYSE:NOV), Schlumberger (NYSE:SLB). SINOPEC Shangai Petrochemical (NYSE:SHI) and Halliburton (NYSE:HAL).
Light, sweet crude for June delivery settled down $2.47, or 2.2%, at $111.05 a barrel on the New York Mercantile Exchange. London Brent crude for June fell $2.67 to settle at $122.45 a barrel.
Front-month June reformulated gasoline blendstock, or RBOB, settled down $1.85 cents, or 0.6%, at $3.3294 a gallon. June heating oil lost 6.13 cents, or 1.9%, to settle at $3.1908 a gallon.
Gasoline prices on average across America have jumped to just under $4.00 a gallon, rising to $3.97 a gallon for regular gas, according to AAA.
Silver is considered the key catalyst for downward pressure on oil prices and trading, as it has become a proxy to some for risk appetite among commodity traders.
After selling out of silver commodity traders followed up with divesting of positions in oil as well.
Even so, it appears the slight strengthening of the U.S dollar played a bit role Tuesday as well.
Light, sweet crude for June delivery settled down $2.47, or 2.2%, at $111.05 a barrel on the New York Mercantile Exchange. London Brent crude for June fell $2.67 to settle at $122.45 a barrel.
Front-month June reformulated gasoline blendstock, or RBOB, settled down $1.85 cents, or 0.6%, at $3.3294 a gallon. June heating oil lost 6.13 cents, or 1.9%, to settle at $3.1908 a gallon.
Gasoline prices on average across America have jumped to just under $4.00 a gallon, rising to $3.97 a gallon for regular gas, according to AAA.
Silver is considered the key catalyst for downward pressure on oil prices and trading, as it has become a proxy to some for risk appetite among commodity traders.
After selling out of silver commodity traders followed up with divesting of positions in oil as well.
Even so, it appears the slight strengthening of the U.S dollar played a bit role Tuesday as well.
Tuesday, May 3, 2011
Shell (RDS-A) (NOV) (UPL) (CRZO) (VLO) Trade Down on Volatile Energy Day
Shares of National-Oilwell Varco, Inc. (NYSE:NOV), Ultra Petroleum (NYSE:UPL), Carrizo Oil & Gas (NASDAQ:CRZO), Valero Energy (NYSE:VLO) and Royal Dutch Shell (NYSE:RDS-A) closed down on the uncertainty following the death of Osama bin Laden.
Crude futures settled lower Monday after the death of Osama bin Laden stirred up oil markets, as traders attempted to measure the impact of the event on the stability in the Middle East.
Light, sweet crude for June delivery settled 41 cents, or 0.4%, lower at $113.52 a barrel on the New York Mercantile Exchange, in a volatile session that saw both two-and-a-half year highs near $115 a barrel and a decline to $110.82 a barrel.
Brent crude on the ICE futures exchange closed 77 cents lower at $125.12 a barrel.
Front-month June reformulated gasoline blendstock, or RBOB, settled 5.05 cents, or 1.5 percent down at $3.3479 a gallon. June heating oil settled 2.37 cents, or 0.7 percent lower at $3.2521 a gallon.
Royal Dutch Shell closed Monday at $77.40, dropping $0.08, or 0.10 percent.
Crude futures settled lower Monday after the death of Osama bin Laden stirred up oil markets, as traders attempted to measure the impact of the event on the stability in the Middle East.
Light, sweet crude for June delivery settled 41 cents, or 0.4%, lower at $113.52 a barrel on the New York Mercantile Exchange, in a volatile session that saw both two-and-a-half year highs near $115 a barrel and a decline to $110.82 a barrel.
Brent crude on the ICE futures exchange closed 77 cents lower at $125.12 a barrel.
Front-month June reformulated gasoline blendstock, or RBOB, settled 5.05 cents, or 1.5 percent down at $3.3479 a gallon. June heating oil settled 2.37 cents, or 0.7 percent lower at $3.2521 a gallon.
Royal Dutch Shell closed Monday at $77.40, dropping $0.08, or 0.10 percent.
Monday, May 2, 2011
Dividend Yields for (CNX) (HAL) (VLO) (DO) (NOV)
Indicated dividend yields for Standard & Poor's 500 Index companies Consol Energy Inc (CNX), Halliburton Co (HAL), Valero Energy Corp (VLO), Diamond Offshore Drilling Inc (DO) and National Oilwell Varco Inc (NOV).
These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.
Consol Energy Inc (CNX) has a dividend yield of 0.74 percent on a declared dividend of $0.10. The payout ratio is 11.8 percent.
Halliburton Co (HAL) has a dividend yield of 0.71 percent on a declared dividend of $0.09. The payout ratio is 16.0 percent.
Valero Energy Corp (VLO) has a dividend yield of 0.71 percent on a declared dividend of $0.05. The payout ratio is 27.2 percent.
Diamond Offshore Drilling Inc (DO) has a dividend yield of 0.66 percent on a declared dividend of $0.12. The payout ratio is 48.7 percent.
National Oilwell Varco Inc (NOV) has a dividend yield of 0.57 percent on a declared dividend of $0.11. The payout ratio is 11.4 percent.
These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.
Consol Energy Inc (CNX) has a dividend yield of 0.74 percent on a declared dividend of $0.10. The payout ratio is 11.8 percent.
Halliburton Co (HAL) has a dividend yield of 0.71 percent on a declared dividend of $0.09. The payout ratio is 16.0 percent.
Valero Energy Corp (VLO) has a dividend yield of 0.71 percent on a declared dividend of $0.05. The payout ratio is 27.2 percent.
Diamond Offshore Drilling Inc (DO) has a dividend yield of 0.66 percent on a declared dividend of $0.12. The payout ratio is 48.7 percent.
National Oilwell Varco Inc (NOV) has a dividend yield of 0.57 percent on a declared dividend of $0.11. The payout ratio is 11.4 percent.
PetroQuest (PQ) (BPL) (NOV) (PBR) (RDS-A) Trade Mixed on Gas, Oil Price Jumps
Shell (NYSE:RDS-A), PetroQuest Energy (NYSE:PQ), Buckeye Partners L.P. (NYSE:BPL), National-Oilwell Varco, Inc. (NYSE:NOV) and Petrobras (NYSE:PBR) close mix Friday as oil and gasoline prices jump again.
Nymex light, sweet crude oil for June delivery rose $1.07 a barrel, to $113.93 a barrel. That's the highest close in two-a-half-years.
On Nymex, reformulated gasoline blendstock futures for May delivery expired at $3.4648 a gallon, up 3.5 cents Friday. That is the highest level since July 14, 2008. Prices have soared 23.17 cents, or 7.2 percent, over the past week.
AAA Daily Fuel Gauge Report said the nationwide average price of regular gasoline was $3.909 a gallon Friday, up 6.1 cents from last week.
May heating oil expired at $3.2558 a gallon, up 2.42 cents, and the highest since April 8.
Tightening inventory and higher gasoline prices continue to push oil prices up. Another major factor, as it is with most commodities, is the ongoing collapse of the U.S. dollar. That will continue based on Federal Reserve chairman Ben Bernanke's comments he's not going to raise interest rates.
Shell closed Friday at $77.48, falling $0.13, or 0.17 percent.
Nymex light, sweet crude oil for June delivery rose $1.07 a barrel, to $113.93 a barrel. That's the highest close in two-a-half-years.
On Nymex, reformulated gasoline blendstock futures for May delivery expired at $3.4648 a gallon, up 3.5 cents Friday. That is the highest level since July 14, 2008. Prices have soared 23.17 cents, or 7.2 percent, over the past week.
AAA Daily Fuel Gauge Report said the nationwide average price of regular gasoline was $3.909 a gallon Friday, up 6.1 cents from last week.
May heating oil expired at $3.2558 a gallon, up 2.42 cents, and the highest since April 8.
Tightening inventory and higher gasoline prices continue to push oil prices up. Another major factor, as it is with most commodities, is the ongoing collapse of the U.S. dollar. That will continue based on Federal Reserve chairman Ben Bernanke's comments he's not going to raise interest rates.
Shell closed Friday at $77.48, falling $0.13, or 0.17 percent.
Friday, April 29, 2011
Carrizo (CRZO) (CPE) (ROSE) (NOV) (VLO) Close Mixed as Oil, Gas Rise
Carrizo Oil & Gas (NASDAQ:CRZO), Callon Petroleum (NYSE:CPE), Rosetta Resources (NASDAQ:ROSE), National-Oilwell Varco, Inc. (NYSE:NOV) and Valero Energy (NYSE:VLO) closed mixed as oil, gasoline and natural gas moved up in price Thursday.
Oil settled higher in volatile trading Thursday, pushed up by a collapsing U.S. dollar. After soaring to close to $114 a barrel, West Texas Intermediate crude settled up 10 cents, at $112.86, in futures trading in New York.
Brent North Sea crude oil fell 11 cents to settle at $125.02 a barrel on the Ice Futures exchange.
In futures trading on the New York Mercantile Exchange, natural gas climbed 15.7 cents to settle at $4.63 per million British thermal units.
Gasoline for May delivery jumped 1.04 cents, or 0.3 percent, to $3.4298 a gallon, the highest settlement since July 14, 2008. Futures have risen 47 percent in the past year.
The Dollar Index fell to the lowest level since July 31, 2008. The index was down 0.5 percent to 73.139, its eighth straight daily decline.
Oil settled higher in volatile trading Thursday, pushed up by a collapsing U.S. dollar. After soaring to close to $114 a barrel, West Texas Intermediate crude settled up 10 cents, at $112.86, in futures trading in New York.
Brent North Sea crude oil fell 11 cents to settle at $125.02 a barrel on the Ice Futures exchange.
In futures trading on the New York Mercantile Exchange, natural gas climbed 15.7 cents to settle at $4.63 per million British thermal units.
Gasoline for May delivery jumped 1.04 cents, or 0.3 percent, to $3.4298 a gallon, the highest settlement since July 14, 2008. Futures have risen 47 percent in the past year.
The Dollar Index fell to the lowest level since July 31, 2008. The index was down 0.5 percent to 73.139, its eighth straight daily decline.
Thursday, April 28, 2011
Cameron International (CAM) Misses on Earnings
Cameron International Corporation (NYSE:CAM) missed on its first quarter profits, as the company was only able to generate $109.5 million, or 43 cents a share, against last year's $120.4 million, or 48 cents a share.
This was far below the average analyst estimate of 56 cents a share they were looking for.
Revenue for the quarter rose to $1.5 billion over last year in the same quarter, a gain of 11.5 percent.
Rising costs were the major factor in the declining performance of the oil equipment manufacturer.
Major competitors of Cameron include Bolt Technology Corp. (NASDAQ:BOLT), FMC Technologies, Inc. (NYSE:FTI), T-3 Energy Services, Inc. (NASDAQ:TTES), Halliburton Company (NYSE:HAL), National-Oilwell Varco, Inc. (NYSE:NOV), Dril-Quip, Inc. (NYSE:DRQ), Flotek Industries, Inc. (NYSE:FTK), Baker Hughes Incorporated (NYSE:BHI), Lufkin Industries, Inc. (NASDAQ:LUFK) and Oil States Intl., Inc. (NYSE:OIS).
Cameron was trading at $52.85, falling $1.59, or 2.92 percent, as of 12:16 PM EDT.
This was far below the average analyst estimate of 56 cents a share they were looking for.
Revenue for the quarter rose to $1.5 billion over last year in the same quarter, a gain of 11.5 percent.
Rising costs were the major factor in the declining performance of the oil equipment manufacturer.
Major competitors of Cameron include Bolt Technology Corp. (NASDAQ:BOLT), FMC Technologies, Inc. (NYSE:FTI), T-3 Energy Services, Inc. (NASDAQ:TTES), Halliburton Company (NYSE:HAL), National-Oilwell Varco, Inc. (NYSE:NOV), Dril-Quip, Inc. (NYSE:DRQ), Flotek Industries, Inc. (NYSE:FTK), Baker Hughes Incorporated (NYSE:BHI), Lufkin Industries, Inc. (NASDAQ:LUFK) and Oil States Intl., Inc. (NYSE:OIS).
Cameron was trading at $52.85, falling $1.59, or 2.92 percent, as of 12:16 PM EDT.
Thursday, March 24, 2011
Ken Fishers Best Picks: (BIDU) (NOV) (EMC) (CAT)
Among the best performers of Billionaire investor Ken Fisher via his Fisher Investments, are his holdings in BAIDU INC (NASDAQ: BIDU), National Oilwell Varco INC (NYSE: NOV), EMC CORP (NYSE:EMC), Caterpillar (NYSE: CAT) and Banco Santander S.A. (NYSE: STD), as of the end of December.
Baidu was by far the top performer of the companies he has significant investment in, up 31.7 percent during that period of time.
Following far behind, but still performing strong is National Oilwell Varco, which is up 17.0 percent.
Next is EMC Corp, generating 15.1 percent since December, followed closely by Caterpillar with 14.6 percent and Banco Santander with 14.4 percent gains.
After those, the next two best performers were Boeing (NYSE: BA) at 10.7 percent and Dover Corp. (NYSE: DOV) with 10.5 percent.
Fisher appears to have positioned the fund to benefit from a decline in the U.S. dollar, which would generate billions for him when looking at the overall portfolio.
Baidu was by far the top performer of the companies he has significant investment in, up 31.7 percent during that period of time.
Following far behind, but still performing strong is National Oilwell Varco, which is up 17.0 percent.
Next is EMC Corp, generating 15.1 percent since December, followed closely by Caterpillar with 14.6 percent and Banco Santander with 14.4 percent gains.
After those, the next two best performers were Boeing (NYSE: BA) at 10.7 percent and Dover Corp. (NYSE: DOV) with 10.5 percent.
Fisher appears to have positioned the fund to benefit from a decline in the U.S. dollar, which would generate billions for him when looking at the overall portfolio.
Thursday, March 17, 2011
FedEx (FDX), (AKAM), (CLF), (NOV), (SLB) Lead S&P 500
FedEx (NYSE:FDX), Akamai (NASDAQ:AKAM), Cliff Natural Resources (NYSE:CLF), National Oilwell Varco (NYSE:NOV), and Schlumberger (NYSE:SLB) were leading the S&P 500 up today, with FedEx helping pull the index up after a solid earnings report.
The delivery company was up over 5 percent earlier in the session but have pulled back some as the day progressed.
Natural resource and energy companies are dominating the S&P today, with others like Diamond Offshore (DO), Pioneer Natural Resources (PXD), Deere & Co. (DE) and Noble Energy (NBL) among the top performers.
Schlumberger was trading at $86.31, gaining $3.21, or 3.86 percent, as of 2:30 PM EDT. National Oilwell Varco was at $77.54, up $3.13, or 4.21 percent. Akamai was trading at $36.68, adding $1.72, or 4.92 percent. Cliffs Natural Resources was trading at $88.30, gaining $4.57, or 5.46 percent. FedEx was at $88.36, up $3.08, or 3.61 percent.
The delivery company was up over 5 percent earlier in the session but have pulled back some as the day progressed.
Natural resource and energy companies are dominating the S&P today, with others like Diamond Offshore (DO), Pioneer Natural Resources (PXD), Deere & Co. (DE) and Noble Energy (NBL) among the top performers.
Schlumberger was trading at $86.31, gaining $3.21, or 3.86 percent, as of 2:30 PM EDT. National Oilwell Varco was at $77.54, up $3.13, or 4.21 percent. Akamai was trading at $36.68, adding $1.72, or 4.92 percent. Cliffs Natural Resources was trading at $88.30, gaining $4.57, or 5.46 percent. FedEx was at $88.36, up $3.08, or 3.61 percent.
Thursday, December 16, 2010
Weatherford (NYSE:WFT), Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB) Top Oil Services Large Cap Picks
Based largely on spending metrics, Barclays (NYSE:BCS) is bullish on the oil service and drilling industry, with their favorite large cap picks including Weatherford (NYSE:WFT), Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB).
Barclays said, "The results of our semiannual 'Original' E&P Spending Survey support our bullish stance on the oil service and drilling industry. International E&P spending is estimated to rise 12% in 2011 and we believe the industry is in the early stages of a long international upcycle. In North America the spending survey suggests an increase in E&P spending in the mid to high single digits for 2011.
"Given our strong growth expectations for the oil service and drilling industry relative to the global economy over the next two-to-three years, we believe the oil service stocks should command a considerable premium to the market. As a result, we are raising our target multiple for the group to a 20% premium (up from 10%) on 2012 earnings versus the S&P 500. For the major oil service companies we are also rolling our price targets to 2012 earnings from 2011 (we moved to 2012 for most capital equipment and offshore drillers previously).
"Top Oil Service Picks Are Large Cap Diversified, Equipment Manufacturers, and Select Small/Mid Caps. The beginnings of a long international and offshore upcycle are particularly positive for the large cap diversified oil service companies as this plays into their strengths. The large caps are also trading at what we believe are attractive valuations. Our favorite large caps are Weatherford International, Halliburton and Schlumberger. We also believe the industry is in the early stages of an offshore rig new building cycle and we view National Oilwell (NYSE:NOV) as the best way to invest in this theme with Cameron (NYSE:CAM) another of our favorite capital equipment providers. In addition we like Tenaris (NYSE:TS) for its high operating leverage, exposure to deepwater and a shift towards premium tubulars. In the small and mid caps our strongest recommendations are Superior Energy Services (NYSE:SPN), Dresser-Rand (NYSE:DRC), Chart Industries (NYSE:GTLS), ION Geophysical (NYSE:IO) and Global Geophysical (NYSE:GGS). We think FMC Technologies (NYSE:FTI) is well positioned but are downgrading the stock to equal weight reflecting valuation."
BAS price target to $17, CAM to $57, GTLS to $43, DRC to $50, DRQ to $88, ESV to $53, GGS to $14, GLF to $34, HAL to $58, HOS to $28, IO to $10, NBR to $25, NOV to $78, PTEN to $24, SLB to $102, SPN to $43, TS to $64, WFT to $31.
Weatherford closed Wednesday at $20.55, down $0.15, or 0.72 percent. Halliburton ended at $39.79, down $1.29, or 3.14 percent. Schlumberger closed the day at $80.72, down $0.61, or 0.75 percent.
Barclays said, "The results of our semiannual 'Original' E&P Spending Survey support our bullish stance on the oil service and drilling industry. International E&P spending is estimated to rise 12% in 2011 and we believe the industry is in the early stages of a long international upcycle. In North America the spending survey suggests an increase in E&P spending in the mid to high single digits for 2011.
"Given our strong growth expectations for the oil service and drilling industry relative to the global economy over the next two-to-three years, we believe the oil service stocks should command a considerable premium to the market. As a result, we are raising our target multiple for the group to a 20% premium (up from 10%) on 2012 earnings versus the S&P 500. For the major oil service companies we are also rolling our price targets to 2012 earnings from 2011 (we moved to 2012 for most capital equipment and offshore drillers previously).
"Top Oil Service Picks Are Large Cap Diversified, Equipment Manufacturers, and Select Small/Mid Caps. The beginnings of a long international and offshore upcycle are particularly positive for the large cap diversified oil service companies as this plays into their strengths. The large caps are also trading at what we believe are attractive valuations. Our favorite large caps are Weatherford International, Halliburton and Schlumberger. We also believe the industry is in the early stages of an offshore rig new building cycle and we view National Oilwell (NYSE:NOV) as the best way to invest in this theme with Cameron (NYSE:CAM) another of our favorite capital equipment providers. In addition we like Tenaris (NYSE:TS) for its high operating leverage, exposure to deepwater and a shift towards premium tubulars. In the small and mid caps our strongest recommendations are Superior Energy Services (NYSE:SPN), Dresser-Rand (NYSE:DRC), Chart Industries (NYSE:GTLS), ION Geophysical (NYSE:IO) and Global Geophysical (NYSE:GGS). We think FMC Technologies (NYSE:FTI) is well positioned but are downgrading the stock to equal weight reflecting valuation."
BAS price target to $17, CAM to $57, GTLS to $43, DRC to $50, DRQ to $88, ESV to $53, GGS to $14, GLF to $34, HAL to $58, HOS to $28, IO to $10, NBR to $25, NOV to $78, PTEN to $24, SLB to $102, SPN to $43, TS to $64, WFT to $31.
Weatherford closed Wednesday at $20.55, down $0.15, or 0.72 percent. Halliburton ended at $39.79, down $1.29, or 3.14 percent. Schlumberger closed the day at $80.72, down $0.61, or 0.75 percent.
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