Rex Energy (REXX), Weatherford (WFT), Overseas Shipholding Group Inc. (OSG), Teekay Tankers Ltd. (TNK), Tsakos Energy Navigation (TNP), Oxford Resource Partners (OXF) and Hatteras Financial Corp. (HTS) had ratings and price targets on them adjusted by analysts.
Capital One upgraded Rex Energy (REXX) to a "Neutral" rating.
Guggenheim downgraded Weatherford (WFT) from a "Buy" rating to a "Neutral" rating.
Dahlman Rose upgraded Overseas Shipholding Group Inc. (OSG) from a "Sell" rating to a "Hold" rating.
Dahlman Rose upgraded Teekay Tankers Ltd. (TNK) from a "Hold" rating to a "Buy" rating. They have a price target of $7.00 on the company.
Dahlman Rose upgraded Tsakos Energy Navigation (TNP) from a "Hold" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Raymond James downgraded Oxford Resource Partners (OXF) from an "Outperform" rating to an "Underperform" rating.
Deutsche Bank upgraded Hatteras Financial Corp. (HTS) from a "Hold" rating to a "Buy" rating.
Showing posts with label Weatherford International. Show all posts
Showing posts with label Weatherford International. Show all posts
Wednesday, March 28, 2012
Monday, February 13, 2012
Weatherford (NYSE:WFT) Cleared of Gulf Spill Claims
U.S. district court judge Carl Barbier has ruled that Weatherford (NYSE:WFT) wasn't part of the cause leading to the Macondo well oil spill in the Gulf of Mexico.
The decision centered around the float collar provided by Weatherford for the well. The judge said its performance had no part in the failure of the well or the resulting oil spill.
Consequently, all charges against the company have been dismissed.
Weatherford had paid BP (NYSE:BP) $75 million in order to indemnify it against any claims related to the spill. Any other claims against the company are now cleared.
Weatherford was trading at $17.83, up $0.03, or 0.20 percent, as of 10:41 AM EST.
The decision centered around the float collar provided by Weatherford for the well. The judge said its performance had no part in the failure of the well or the resulting oil spill.
Consequently, all charges against the company have been dismissed.
Weatherford had paid BP (NYSE:BP) $75 million in order to indemnify it against any claims related to the spill. Any other claims against the company are now cleared.
Weatherford was trading at $17.83, up $0.03, or 0.20 percent, as of 10:41 AM EST.
Thursday, July 28, 2011
Google (GOOG) (ITW) (JEC) (JNPR) (LVS) (OXY) (WFT) Price Targets Changed
Google Inc. (NASDAQ: GOOG), Illinois Tool Works Inc. (NYSE: ITW), Jacobs Engineering (NYSE: JEC), Juniper Networks (NASDAQ: JNPR), Las Vegas Sands Corp. (NYSE: LVS), Occidental Petroleum Co. (NYSE: OXY) and Weatherford (NYSE: WFT) had price targets changed by analysts.
Google Inc. (NASDAQ: GOOG) had its price target raised by Capstone to $689.00. They have a “Buy” rating on the company.
Illinois Tool Works Inc. (ITW) had its price target cut by Sterne Agee to $60.00.
Jacobs Engineering (JEC) had its price target slashed by Stifel Nicolaus from $60.00 to $55.00. They have a “Buy” rating on the company.
Juniper Networks (JNPR) had its price target lowered by Stifel Nicolaus from $39.00 to $37.00. They have a “Buy” rating on the company.
Las Vegas Sands Corp. (LVS) had its price target boosted by Brean Murray from $53.00 to $59.00. They have a “Buy” rating on the company.
Occidental Petroleum Co. (OXY) had its price target cut by Howard Weil from $132.00 to $128.00. They have an “Outperform” rating on the company.
Weatherford (WFT) had its price target raised by Howard Weil from $22.00 to $26.00. They have a “Market Perform” rating on the company.
Google Inc. (NASDAQ: GOOG) had its price target raised by Capstone to $689.00. They have a “Buy” rating on the company.
Illinois Tool Works Inc. (ITW) had its price target cut by Sterne Agee to $60.00.
Jacobs Engineering (JEC) had its price target slashed by Stifel Nicolaus from $60.00 to $55.00. They have a “Buy” rating on the company.
Juniper Networks (JNPR) had its price target lowered by Stifel Nicolaus from $39.00 to $37.00. They have a “Buy” rating on the company.
Las Vegas Sands Corp. (LVS) had its price target boosted by Brean Murray from $53.00 to $59.00. They have a “Buy” rating on the company.
Occidental Petroleum Co. (OXY) had its price target cut by Howard Weil from $132.00 to $128.00. They have an “Outperform” rating on the company.
Weatherford (WFT) had its price target raised by Howard Weil from $22.00 to $26.00. They have a “Market Perform” rating on the company.
AK Steel (AKS) (MUSA) (WFT) (SBUX) (RFMD) (PETM) Upgraded
AK Steel Holding Co. (NYSE: AKS), Metals USA Holdings Corp (NASDAQ: MUSA), Weatherford (NYSE: WFT), Starbucks (NASDAQ: SBUX), RF Micro Device (NASDAQ: RFMD) and Petsmart Inc (NASDAQ: PETM) upgraded by analysts.
AK Steel Holding Co. (AKS) was upgraded by CRT Capital to a “Buy” rating.
Metals USA Holdings Corp. (MUSA) was upgraded by Davenport from a “Neutral” rating to a “Buy” rating.
Weatherford (WFT) was upgraded by Pritchard from a “Neutral” rating to a “Buy” rating.
Starbucks (SBUX) was upgraded by Janney Montgomery Scott from a “Neutral” rating to a “Buy” rating.
RF Micro Device (RFMD) was upgraded by Craig Hallum from a “Hold” rating to a “Buy” rating.
Petsmart (PETM) was upgraded by Piper Jaffray (NYSE:PJC) from a “Neutral” rating to an “Overweight” rating. They have a price target of $53.00 on the company.
AK Steel Holding Co. (AKS) was upgraded by CRT Capital to a “Buy” rating.
Metals USA Holdings Corp. (MUSA) was upgraded by Davenport from a “Neutral” rating to a “Buy” rating.
Weatherford (WFT) was upgraded by Pritchard from a “Neutral” rating to a “Buy” rating.
Starbucks (SBUX) was upgraded by Janney Montgomery Scott from a “Neutral” rating to a “Buy” rating.
RF Micro Device (RFMD) was upgraded by Craig Hallum from a “Hold” rating to a “Buy” rating.
Petsmart (PETM) was upgraded by Piper Jaffray (NYSE:PJC) from a “Neutral” rating to an “Overweight” rating. They have a price target of $53.00 on the company.
Anadarko (APC) (S) (VMED) (WFT) (UPS) (LLTC) Ratings Reiterated
Anadarko Petroleum (NYSE: APC), Sprint Nextel (NYSE: S), Virgin Media (NASDAQ: VMED), Weatherford (NYSE: WFT), United Parcel Service, Inc. (NYSE: UPS) and Linear Technology Co. (NASDAQ: LLTC) had ratings on them reiterated.
Scotia Capital reiterated its “Sector Perform” rating on Anadarko Petroleum (APC).
Collins Stewart reiterated its “Neutral” rating on Sprint Nextel (S). They have a price target of $5.00 on the company.
Citigroup (NYSE:C) reiterated its "Buy" rating on Virgin Media (VMED). They have a price target of $42.00 on the company.
Dahlman Rose reiterated its "Buy" rating on Weatherford (WFT).
Piper Jaffray (NYSE:PJC) reiterated an “Overweight” United Parcel Service, Inc. (UPS).
Jefferies (NYSE:JEF) reiterated its "Hold" rating on Linear Technology Co. (LLTC). They have a price target of $34.00 on the company.
Scotia Capital reiterated its “Sector Perform” rating on Anadarko Petroleum (APC).
Collins Stewart reiterated its “Neutral” rating on Sprint Nextel (S). They have a price target of $5.00 on the company.
Citigroup (NYSE:C) reiterated its "Buy" rating on Virgin Media (VMED). They have a price target of $42.00 on the company.
Dahlman Rose reiterated its "Buy" rating on Weatherford (WFT).
Piper Jaffray (NYSE:PJC) reiterated an “Overweight” United Parcel Service, Inc. (UPS).
Jefferies (NYSE:JEF) reiterated its "Hold" rating on Linear Technology Co. (LLTC). They have a price target of $34.00 on the company.
Monday, April 25, 2011
DuPont (DD) (ETN) (CIE) Price Targets Boosted
Price targets on Eaton Corp. (NYSE: ETN), Weatherford (NYSE: WFT), DuPont (NYSE: DD) and Cobalt International Energy (NYSE: CIE) were changed on April 25th, with analysts given a boost to each company.
UBS AG (NYSE:UBS) raised their price target on Eaton Corp. to $57.00. They have a “Neutral” rating on the stock.
Jefferies (NYSE:JEF) raised their price target on DuPont (NYSE: DD) from $59.00 to $64.00. They have a “Buy” rating on the stock.
Jefferies raised their price target on shares of Cobalt International Energy from $16.50 to $19.50. They have an “Overweight” rating on the stock.
UBS AG (NYSE:UBS) raised their price target on Eaton Corp. to $57.00. They have a “Neutral” rating on the stock.
Jefferies (NYSE:JEF) raised their price target on DuPont (NYSE: DD) from $59.00 to $64.00. They have a “Buy” rating on the stock.
Jefferies raised their price target on shares of Cobalt International Energy from $16.50 to $19.50. They have an “Overweight” rating on the stock.
WESCO (WCC) (WFT) (HON) (ESV) Price Target Changes
Price targets on WESCO International, Inc. (NYSE: WCC), Weatherford (NYSE: WFT), Honeywell International Inc. (NYSE: HON) and ENSCO PLC (NYSE: ESV) were changed on April 25th, with analysts weighing in on the up and downside of the movements.
Citigroup (NYSE:C) boosted their price target on WESCO International, Inc. from $69.00 to $70.00.
Jefferies (NYSE:JEF) cut their price target on Weatherford from $28.00 to $26.00. They have a “Buy” rating on the stock.
Oppenheimer raised their price target on Honeywell International Inc. from $68.00 to $73.00. They have an “Outperform” rating on the stock.
Jefferies raised their price target on ENSCO PLC from $64.00 to $67.00. They have a “Buy” rating on ENSCO.
Citigroup (NYSE:C) boosted their price target on WESCO International, Inc. from $69.00 to $70.00.
Jefferies (NYSE:JEF) cut their price target on Weatherford from $28.00 to $26.00. They have a “Buy” rating on the stock.
Oppenheimer raised their price target on Honeywell International Inc. from $68.00 to $73.00. They have an “Outperform” rating on the stock.
Jefferies raised their price target on ENSCO PLC from $64.00 to $67.00. They have a “Buy” rating on ENSCO.
Thursday, April 21, 2011
Schlumberger (SLB), Weatherford (WFT) Boost Outlook for Oilfield Service Industry
The performance of oilfield service providers has been weak, as Gulf oil drilling permits remain extremely slow to obtain, terrible weather in Australia and unrest in the Middle East continues to weigh on the industry, although Schlumberger Ltd (NYSE:SLB) and Weatherford International Ltd (NYSE:WFT) provided a ray of hope as they boosted their outlook for the sector as exploration is speeding up and higher oil prices, along with demand, support the oil industry.
Schlumberger Chief Executive Officer Andrew Gould noted, "The absence of Libyan production worries the oil producers."
"I think that I'm much more confident that the international stream will come back faster," he added.
Bernard Duroc Danner, the CEO of Weatherford, said his company will increase capital expenditures to take advantage of improving international and North American markets for the company's services.
Assuming that's the case, it's good news in light of Diamond Offshore (NYSE:DO) reporting a 14 percent fall in quarterly profit as the rates paid for its oil and gas drilling rigs dropped. Rival Noble Corp (NYSE:NE) also reported an 85 percent decline in quarterly profit after the market close on Wednesday.
Schlumberger was trading at $89.98, gaining $2.09, or 2.38 percent, as of 2:57 PM EDT. Weatherford was at $20.68, falling $0.45, or 2.13 percent. Diamond Offshore was trading at $77.87, jumping $1.47, or 1.92 percent. Noble Corp. was trading at $42.80, losing $0.63, or 1.45 percent.
Schlumberger Chief Executive Officer Andrew Gould noted, "The absence of Libyan production worries the oil producers."
"I think that I'm much more confident that the international stream will come back faster," he added.
Bernard Duroc Danner, the CEO of Weatherford, said his company will increase capital expenditures to take advantage of improving international and North American markets for the company's services.
Assuming that's the case, it's good news in light of Diamond Offshore (NYSE:DO) reporting a 14 percent fall in quarterly profit as the rates paid for its oil and gas drilling rigs dropped. Rival Noble Corp (NYSE:NE) also reported an 85 percent decline in quarterly profit after the market close on Wednesday.
Schlumberger was trading at $89.98, gaining $2.09, or 2.38 percent, as of 2:57 PM EDT. Weatherford was at $20.68, falling $0.45, or 2.13 percent. Diamond Offshore was trading at $77.87, jumping $1.47, or 1.92 percent. Noble Corp. was trading at $42.80, losing $0.63, or 1.45 percent.
Wednesday, March 30, 2011
Halliburton (HAL) Boosting Activity at Saudi Project
Halliburton Co. (NYSE:HAL) announced it is going to boost its activity at its Saudi Manifa project, generating speculation as to the reasons for the move.
Some suggest it points to limited supplies of the oil reserves in the country, and others that it is seeking to increase the amount of spare capacity in order to push back against rising oil prices around the world.
Other companies that could benefit from the increased production in Saudi Arabia, if that is in fact what is going on, will be Nabors Industries (NYSE:NBR), Weatherford International Ltd. (NYSE:WFT), Schlumberger Ltd. (NYSE:SLB) and Baker Hughes (NYSE:BHI).
For Halliburton, they are now operating one rig at Manifa, but it has had a goal from the beginning to operate up to 10 rigs in the project.
Others that could benefit from a increase in drilling in Saudi Arabia would be those who are specialists in drilling in shallow waters.
Halliburton closed Tuesday at $49.00, gaining $1.10, or 2.30 percent.
Some suggest it points to limited supplies of the oil reserves in the country, and others that it is seeking to increase the amount of spare capacity in order to push back against rising oil prices around the world.
Other companies that could benefit from the increased production in Saudi Arabia, if that is in fact what is going on, will be Nabors Industries (NYSE:NBR), Weatherford International Ltd. (NYSE:WFT), Schlumberger Ltd. (NYSE:SLB) and Baker Hughes (NYSE:BHI).
For Halliburton, they are now operating one rig at Manifa, but it has had a goal from the beginning to operate up to 10 rigs in the project.
Others that could benefit from a increase in drilling in Saudi Arabia would be those who are specialists in drilling in shallow waters.
Halliburton closed Tuesday at $49.00, gaining $1.10, or 2.30 percent.
Thursday, March 17, 2011
Wells (WFC) Cuts Weatherford (WFT) Earnings Outlook
Troubled Weatherford (NYSE:WFT) has had its full-year earnings estimated lowered by Wells Fargo (NYSE:WFC), primarily on the effects arising from the devastating floods in Australia.
They lowered their outlook from $1.08 a share to 97 cents a share.
Other factors which have also resulted in Weatherford itself lowering their first-quarter outlook was ongoing unrest in the Middle East and tax rates which were higher than expected.
Weatherford lowered its earnings outlook in the first quarter from 27 cents a share to 18 cents a share.
Also communicated by the company in a filing was that Principal Accounting Officer Charles E. Geer has resigned from the company after the discovery of tax-accounting errors which has force Weatherford to revise prior results by approximately $500 million over the last four years.
The announcement, according to Wells Fargo Securities analyst Matt Conlan, probably means there will be no other resignations or firings related to the accounting fiasco.
Weatherford closed Wednesday at $19.88, falling $0.57, or 2.79 percent.
They lowered their outlook from $1.08 a share to 97 cents a share.
Other factors which have also resulted in Weatherford itself lowering their first-quarter outlook was ongoing unrest in the Middle East and tax rates which were higher than expected.
Weatherford lowered its earnings outlook in the first quarter from 27 cents a share to 18 cents a share.
Also communicated by the company in a filing was that Principal Accounting Officer Charles E. Geer has resigned from the company after the discovery of tax-accounting errors which has force Weatherford to revise prior results by approximately $500 million over the last four years.
The announcement, according to Wells Fargo Securities analyst Matt Conlan, probably means there will be no other resignations or firings related to the accounting fiasco.
Weatherford closed Wednesday at $19.88, falling $0.57, or 2.79 percent.
Thursday, March 3, 2011
Option Traders Pounce on Weatherford (WFT)
Weatherford (NYSE:WFT) has attracted the interest of options traders, but not in the way that was expected, as they shrugged of the $500 million accounting error and bought up call options on the company.
The feeling is it was a one-time error the company was involved in, and expectations are it'll bounce back when the market sorts that out.
William Lefkowitz, options strategist for vFinance Investments, said, "You're never really sure how serious a tax-accounting problem is. But if it's a one-time mistake and they clean it up, all of a sudden the stock could rebound. That's why people would buy the calls."
Over 121,000 calls were acquired on Weatherford's stock, in contrast to the 53,000 put purchased, according to data from Trade Alert.
The Wall Street Journal noted, "One of the biggest moves was a strategy that traders have dubbed a "call stupid" or 'stupid spread.'
"A 'call stupid' is the purchase of two batches of bullish options to make a doubly optimistic bet. In most other types of call spreads, traders buy one batch of options and sell another to cut down on the cost.
"The traders in this case bought long-dated January $22.50 and $25 Weatherford calls in a play for shares to gain substantially by the beginning of 2012, according to a report by Pipeline Trading Systems LLC."
Weatherford International closed at $21.14, falling $2.38, or 10.12 percent.
The feeling is it was a one-time error the company was involved in, and expectations are it'll bounce back when the market sorts that out.
William Lefkowitz, options strategist for vFinance Investments, said, "You're never really sure how serious a tax-accounting problem is. But if it's a one-time mistake and they clean it up, all of a sudden the stock could rebound. That's why people would buy the calls."
Over 121,000 calls were acquired on Weatherford's stock, in contrast to the 53,000 put purchased, according to data from Trade Alert.
The Wall Street Journal noted, "One of the biggest moves was a strategy that traders have dubbed a "call stupid" or 'stupid spread.'
"A 'call stupid' is the purchase of two batches of bullish options to make a doubly optimistic bet. In most other types of call spreads, traders buy one batch of options and sell another to cut down on the cost.
"The traders in this case bought long-dated January $22.50 and $25 Weatherford calls in a play for shares to gain substantially by the beginning of 2012, according to a report by Pipeline Trading Systems LLC."
Weatherford International closed at $21.14, falling $2.38, or 10.12 percent.
Wednesday, March 2, 2011
Weatherford (WFT) Plunges on Accounting Issues
After Weatherford International (NYSE:WFT) disclosed it would have to delay its annual report because of the need to restate its financial statements because of accounting issues, shares of the company plummeted by over 11 percent.
The company said on a conference call, “We have assumed that cessation of business activities in parts of the Middle East and North Africa regions due to political turmoil will be short-lived, that the negative impact on our business will not be material, and that the region will not experience further disruptive political revolution in the near term.”
In a filing with the SEC, Weatherford added it would have to delay its annual report, saying fourth quarter earnings would have to be adjusted, citing past and fourth quarter earnings “totalling approximately $500 million for the periods from 2007 to 2010."
Accounting problems centered around “an error in determining the tax consequences of intercompany amounts over multiple years.”
Weatherford was trading at $20.92, falling $2.60, or 11.05 percent, as of 12:27 PM EST.
The company said on a conference call, “We have assumed that cessation of business activities in parts of the Middle East and North Africa regions due to political turmoil will be short-lived, that the negative impact on our business will not be material, and that the region will not experience further disruptive political revolution in the near term.”
In a filing with the SEC, Weatherford added it would have to delay its annual report, saying fourth quarter earnings would have to be adjusted, citing past and fourth quarter earnings “totalling approximately $500 million for the periods from 2007 to 2010."
Accounting problems centered around “an error in determining the tax consequences of intercompany amounts over multiple years.”
Weatherford was trading at $20.92, falling $2.60, or 11.05 percent, as of 12:27 PM EST.
Wednesday, January 26, 2011
Weatherford (NYSE:WFT) Weighed Down by Higher Costs
Weatherford International (NYSE:WFT) was among the few of its peers to miss fourth quarter estimates, as higher costs weighed on the company.
FBR says, "In a quarter where peers handily beat expectations, Weatherford missed 4Q10 estimates on higher costs. We maintain our rating based on the company's disappointing quarter, preferring companies with more leverage to the North American pressure pumping business, such as Halliburton Company (NYSE: HAL)(Outperform). We also believe management's $2.30 EPS target for 2011 is a bit on the aggressive side, and we prefer to be more conservative in our estimate."
FBR Capital reiterates a "Market Perform" rating on Weatherford International (WFT), which was trading at $22.82, up $0.96, or 4.39 percent, as of 1:06 PM EST. FBR raised their price target on Weatherford from $22 to $26.
FBR says, "In a quarter where peers handily beat expectations, Weatherford missed 4Q10 estimates on higher costs. We maintain our rating based on the company's disappointing quarter, preferring companies with more leverage to the North American pressure pumping business, such as Halliburton Company (NYSE: HAL)(Outperform). We also believe management's $2.30 EPS target for 2011 is a bit on the aggressive side, and we prefer to be more conservative in our estimate."
FBR Capital reiterates a "Market Perform" rating on Weatherford International (WFT), which was trading at $22.82, up $0.96, or 4.39 percent, as of 1:06 PM EST. FBR raised their price target on Weatherford from $22 to $26.
Friday, October 22, 2010
Will Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) Rebound After Moratorium Lifted?
While the earnings of oil field services like Diamond Offshore (NYSE:DO) and Noble (NYSE:NE), Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) could have been worse, overall they didn't fare too badly in light of the conditions they faced in the latest quarter.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
Thursday, October 21, 2010
Weatherford (NYSE:WFT) Faces Risk Going Forward, Downgraded
Considered a high risk company and stock at this time, Weatherford International (NYSE:WFT) was downgraded by FBR Capital and Credit Agricole.
FBR lowered their rating from "Outperform" to "Market Perform," while Credit Agricole downgraded them from "Outperform" to "Underperform."
"We are downgrading WFT as we believe its risk/reward profile is less favorable than that of other stocks in our coverage group. In part, we believe the recovery in international markets will continue to be slower than many expect. This, coupled with the risk of how and when Weatherford settles the Foreign Corrupt Practices Act (FCPA) investigation and how the TNK-BP put is settled, adds an element of risk that we believe requires a higher potential return than we see in the stock," said FBR.
Weatherford closed at $17.37, gaining $0.20, or 1.14 on Wednesday. Credit Agricole has a price target of $18 on Weatherford, lowering it from $19, and FBR Capital dropped its price target on them from $23 to $21.
FBR lowered their rating from "Outperform" to "Market Perform," while Credit Agricole downgraded them from "Outperform" to "Underperform."
"We are downgrading WFT as we believe its risk/reward profile is less favorable than that of other stocks in our coverage group. In part, we believe the recovery in international markets will continue to be slower than many expect. This, coupled with the risk of how and when Weatherford settles the Foreign Corrupt Practices Act (FCPA) investigation and how the TNK-BP put is settled, adds an element of risk that we believe requires a higher potential return than we see in the stock," said FBR.
Weatherford closed at $17.37, gaining $0.20, or 1.14 on Wednesday. Credit Agricole has a price target of $18 on Weatherford, lowering it from $19, and FBR Capital dropped its price target on them from $23 to $21.
Wednesday, October 6, 2010
Barclays (NYSE:BCS) Sees Strong Third Quarter for Noble (NYSE:NE), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI), Others
After visiting a number of U.S. Oil Services & Drilling companies last week in their Oilfield Tour in Houston, Texas, Barclays (NYSE:BCS) said they see most companies performing strongly in the third quarter in the sector.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Tuesday, September 21, 2010
Barclays (NYSE:BCS) Response to 'U.S. Oil Services & Drilling: 2010 CEO Energy Conference'
Barclays (NYSE:BCS) said the companies presenting at the 2010 Barclays Capital CEO Energy Conference were overall positive.
They said, "Presenting companies at the 2010 Barclays Capital CEO Energy Conference were generally optimistic. The international E&P spending recovery has begun and appears poised to accelerate into 2011. North America was most often predicted to flatten. The view on the offshore markets was mixed with optimism expressed for ultra-deepwater and premium jackup demand, while the mid-water and commodity jackup markets are likely to remain under pressure. The outlook on the Gulf of Mexico was clearly one of caution."
Barclays went on to describe what they were looking for in companies and specific companies they liked:
"We continue to emphasize companies with leverage to major secular growth themes in the industry. Our top picks are Weatherford (NYSE:WFT), Schlumberger (NYSE:SLB), Cameron International (NYSE:CAM), National Oilwell Varco (NYSE:NOV), Dresser-Rand Group (NYSE:DRC), SeaDrill Limited (NYSE:SDRL) and Pride International (NYSE:PDE)."
They said, "Presenting companies at the 2010 Barclays Capital CEO Energy Conference were generally optimistic. The international E&P spending recovery has begun and appears poised to accelerate into 2011. North America was most often predicted to flatten. The view on the offshore markets was mixed with optimism expressed for ultra-deepwater and premium jackup demand, while the mid-water and commodity jackup markets are likely to remain under pressure. The outlook on the Gulf of Mexico was clearly one of caution."
Barclays went on to describe what they were looking for in companies and specific companies they liked:
"We continue to emphasize companies with leverage to major secular growth themes in the industry. Our top picks are Weatherford (NYSE:WFT), Schlumberger (NYSE:SLB), Cameron International (NYSE:CAM), National Oilwell Varco (NYSE:NOV), Dresser-Rand Group (NYSE:DRC), SeaDrill Limited (NYSE:SDRL) and Pride International (NYSE:PDE)."
Thursday, September 9, 2010
BP (NYSE:BP), Halliburton (NYSE:HAL), Transocean (NYSE:RIG) Strong After BP Report
The combat continues between major Gulf oil spill companies BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG), especially after sniping for months, and then the release of the BP report which included their two major competitors in an unflattering light in connection to the accident on the Deepwater Horizon.
Other companies like Weatherford International (NYSE:WFT) also took some heat in the report, getting sold off during the date, with their share trading volume at levels almost three times the daily norm.
It won't be known what Cameron International's (NYSE:CAM) will be liable for until the failed blowout preventer is examined to see what caused it to not perform as it should.
As far as BP, Halliburton and Transocean, they enjoyed a good day, all of them closing up.
BP closed Wednesday at $38.37, gaining $1.18, or 3.17 percent. Halliburton closed at $30.21, an increase of $0.37, or 1.24 percent. Transocean was up to $53.74, rising $0.69, or 1.30 percent.
While the BP report did spread the blame around to other companies, it really didn't produce any smoking gun, and that seemed to placate the market, which rewarded the broader oil sector.
Other companies like Weatherford International (NYSE:WFT) also took some heat in the report, getting sold off during the date, with their share trading volume at levels almost three times the daily norm.
It won't be known what Cameron International's (NYSE:CAM) will be liable for until the failed blowout preventer is examined to see what caused it to not perform as it should.
As far as BP, Halliburton and Transocean, they enjoyed a good day, all of them closing up.
BP closed Wednesday at $38.37, gaining $1.18, or 3.17 percent. Halliburton closed at $30.21, an increase of $0.37, or 1.24 percent. Transocean was up to $53.74, rising $0.69, or 1.30 percent.
While the BP report did spread the blame around to other companies, it really didn't produce any smoking gun, and that seemed to placate the market, which rewarded the broader oil sector.
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