March 15, 2019 / 11:39 AM / 9 months ago

BUZZ-Jefferies cuts Schlumberger in stock picking on offshore growth worries

** Jefferies says E&Ps’ messages on capital discipline so far have pointed to U.S. spending falling in H2 vs H1, while productivity suggests a more subdued landscape for offshore activity

** Still service firms can save capex, Jefferies says, keeping its overall ‘neutral’ sector view and favoring stock picking

** Brokerage cuts Schlumberger to ‘hold’ from ‘buy,’ saying its “distinctiveness is elusive for now” and says ‘buy’-rated Baker Hughes is its top large-cap pick

** Also cuts Helmerich and Payne and Precision Drilling to ‘hold’, citing a flat US rig count outlook

** Jefferies upgrades Oceaneering International and Keane Group to ‘buy’ from ‘hold’ and Superior Energy Services to ‘hold’ from ‘underperform’

** Brokerage says pumpers are finding cost savings and lower demand mean lowers capex, naming FRAC as a new top pick

** Says ‘buy’-rated Patterson-UTI Energy is also a new top pick and along with FRAC replaces Helmerich and Payne and Apergy (Reporting by Savio D’Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below