"From Turf to Surf, the Tide is Coming in for Some and Out for Others"
Brian Uhlmer, CFA Senior Analyst | (713) 658-6315 | firstname.lastname@example.org Matt Beeby Senior Analyst | (817) 840-2922 | email@example.com Ryan Fitzgibbon Associate Analyst | (713) 658-6314 | firstname.lastname@example.org September 23, 2011
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We are revising our outlook for oilfield services demand and expectations for stock performance through year-end. We are upgrading Gulfmark (GLF), Hornbeck (HOS), Noble (NE), Oceaneering (OII) and Rowan (RDC), while downgrading Basic (BAS), Complete (CPX), Key (KEG), Nabors (NBR), National Oilwell Varco (NOV), Newpark (NR), OYO Geospace (OYOG), Patterson-UTI (PTEN), RPC (RES), Union (UDRL) and Xtreme (XDC.T). We are incrementally more bullish on the offshore-levered names, with Dril-Quip (DRQ), Ensco (ESV) and Oceaneering (OII) our top picks, along with Superior (SPN). While we remain optimistic on the onshore-levered names' financial performance, believing demand and profitability will be better than the market is pricing into stocks, we are not optimistic on near-term stock performance, and expect investor sentiment to remain poor and multiples to remain contracted until 2012 E&P capex is announced by the majority of the companies (i.e., January 2012). On average, our price targets decline 25% for the onshore names and increase 6% for the offshore-levered stocks by revising multiples to reflect where we believe each market is in the cycle. Our estimates, however, remain relatively unchanged.
Did you look at that report? Did you see the amount of work they put into their estimates. I have always trusted and followed Global Hunter with stunning success.
I apprecite your comment, although I do not remotely agree with it.
How about CLSA? LOL
September 8, 2011
09:15 EDT ESV theflyonthewall.com: Ensco upgraded to Buy from Outperform at CLSA CLSA upgraded Ensco (ESV) based on its strong competitive positioning and increased confidence in the Pride International (PDE) merger. Price target is $60.
Or Macquarie? lol agian..just joshin you :)
August 30, 2011
06:13 EDT ESV Ensco upgraded to Outperform from Neutral at Macquarie Macquarie is positive on Ensco's leverage to the high-spec floater market and capacity growth. Price target is $60.