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Fly News Breaks for February 19, 2020
NOV
Feb 19, 2020 | 07:52 EDT
Argus analyst Bill Selesky downgraded National Oilwell to Hold from Buy, citing his reduced expectations for capital spending by its E&P customers. The analyst notes that only oil prices in the $55-$60 range would see increased capital spending, but he does not expect those levels to be reached given the current slow North American drilling activity and moderating global GDP. Selesky also lowers his FY20 EPS view by 3c to 74c to reflect his expectations for lower demand in the North American land business.
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