Oilfield Services- Oct 10

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Oilfield Services- Oct 10

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Oilfield Services & Equipment - Stiff Headwinds Persist in U.S. Land Market; Cutting Estimates and Target Prices for Oil Service Names
- Stephen Gengaro at Stifel

Headwinds persist for oil service companies, particularly in the U.S. land market as E&Ps strive to spend within cash flow. As a result of recent data points that indicate a sharp reduction in completion activity and pricing for several key oil service product lines, we are reducing our 2019-20 estimates for most names in our coverage universe and cutting target prices. Our favorite names are SLB and BHGE, our preferred small- to mid-caps are BOOM and FRAC, and our favorite value idea is SLCA.
Dan Steffens
Energy Prospectus Group
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