JPMorgan analyst Sean Meakim removed Schlumberger (SLB), Halliburton (HAL) and MRC Global (MRC) from his firm's Analyst Focus List. He keeps Overweight ratings on the names. The analyst added Helmerich & Payne (HP) and Patterson-UTI (PTEN) to the Focus List as short ideas. The valuations are overextended at current levels, Meakim tells investors in a research note. His top large-cap picks in the Oil Services & Equipment space remain Schlumberger and Halliburton. His top small-cap picks remain MRC Global, Nabors Industries (NBR) and TETRA (TTI).

Reports Q1 revenue $734M, consensus $728.89M. The first quarter results included a gain, related to mark-to-market treatment of Nabors warrants, of $6M, or 62c per diluted share. Anthony Petrello, Nabors Chairman, CEO and President, commented, "Our first quarter operating results were stronger than we expected, driven by resilient pricing and lower costs in our Lower 48 drilling operations, as well as higher than forecast OEM repair revenue and energy transition revenue in our Rig Technologies segment. Rig count increased in our International segment, driven by rig startups in Saudi Arabia and Algeria, as part of our commitment to deploy seven rigs in these two countries during 2024. We have also received recent awards in Argentina for three more rigs. I believe we are in the midst of the largest opportunity that we've seen in the last decade to strengthen our international business. Pricing in the Lower 48 market remained firm, as utilization of our highest specification rigs stayed strong across several important markets. Average rig count increased compared to the prior quarter, but was slightly below our estimates, mainly reflecting activity reductions in natural gas basins. Results in our Drilling Solutions segment reflected reduced activity in the Lower 48, partially offset by better growth from international markets."

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Reports Q1 revenue $5.8B, consensus $5.67B. "Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth-quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth," commented Jeff Miller, Chairman, President and CEO. "Our customers' multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle. Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock - a solid start to the year and a good benchmark for our expectations going forward," concluded Miller.