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WFT

Weatherford

$2.54

-0.06 (-2.31%)

, HAL

Halliburton

$39.75

-0.89 (-2.19%)

08:57
10/12/18
10/12
08:57
10/12/18
08:57

Societe Generale cuts Weatherford to sell amid oil services rating shake-up

As previously reported, Societe Generale analyst Edward Muztafago made several ratings changes in the oil services space as he recommended rotating more fully into offshore and reducing U.S. land exposure. He views U.S. activity being poised for constrained growth following an anticipated recovery from "the current frac malaise," while believing offshore activity appears set to inflect, Muztafago tells investors. With that backdrop view, he upgraded Ensco (ESV), Noble Corp. (NE) and Oceaneering (OII), all to Buy from Hold, downgraded Halliburton (HAL) to Hold from Buy and lowered his rating on Weatherford (WFT) to Sell from Buy. Current U.S. challenges and the "stock market meltdown" create risk to Weatherford's asset divestiture plans that investors are so concerned about and "stumbles may not be well received," Muztafago stated.

WFT

Weatherford

$2.54

-0.06 (-2.31%)

HAL

Halliburton

$39.75

-0.89 (-2.19%)

OII

Oceaneering

$24.67

-0.7 (-2.76%)

NE

Noble Corp.

$6.51

-0.095 (-1.44%)

ESV

Ensco

$8.56

-0.05 (-0.58%)

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WFT Weatherford
$2.54

-0.06 (-2.31%)

10/12/18
SOCG
10/12/18
DOWNGRADE
SOCG
Sell
Weatherford downgraded to Sell from Buy at Societe Generale
10/10/18
WOLF
10/10/18
INITIATION
Target $3
WOLF
Peer Perform
Weatherford initiated with a Peer Perform at Wolfe Research
Wolfe Research initiated Weatherford with a Peer Perform and $3 price target.
09/10/18
STFL
09/10/18
INITIATION
Target $3
STFL
Hold
Weatherford initiated with a Hold at Stifel
Stifel analyst Stephen Gengaro initiated Weatherford with a Hold rating and a price target of $3.
09/18/18
MSCO
09/18/18
INITIATION
Target $4
MSCO
Equal Weight
Weatherford initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Connor Lynagh initiated Weatherford with an Equal Weight rating and a price target of $4 as part of his broader research note on Oil Services Drilling/Equipment industry. The analyst says the company appears to be on track toward the turnaround of its "historically underperforming business", but sees its financial risk as too high. In spite of its strong leadership team and the prospects of more aggressive cyclical leverage, Lynagh warns that Weatherford's free cash flow has been negative or neutral.
HAL Halliburton
$39.75

-0.89 (-2.19%)

10/12/18
SOCG
10/12/18
DOWNGRADE
SOCG
Hold
Halliburton downgraded to Hold from Buy at Societe Generale
10/10/18
WOLF
10/10/18
INITIATION
Target $60
WOLF
Outperform
Halliburton initiated with an Outperform, top diversified idea at Wolfe Research
Wolfe Research initiated Halliburton with an Outperform and $60 price target calling it a "top diversified idea."
10/12/18
SPHN
10/12/18
INITIATION
Target $55
SPHN
Overweight
Halliburton initiated with an Overweight at Stephens
Stephens analyst Tommy Moll initiated Halliburton with an Overweight rating and $55 price target, calling the stock "the cleanest way to play large-cap oilfield services." While acknowledging the short-term headwind of Permian infrastructure limitations, Moll said he anticipates a reacceleration in activity levels by mid-2019.
09/19/18
09/19/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. WELLS FARGO UPGRADES TRANSOCEAN TO OUTPERFORM: Wells Fargo analyst Judson Bailey upgraded Transocean (RIG) to Outperform and raised his price target for the shares to $16 from $13. The analyst "significantly" increased his EBITDA and net asset value estimates across the offshore drilling space to reflect increasing demand combined with tightening availability for high spec ultra-deepwater rigs. This is quickly pushing dayrate expectations higher as well as the market value for ultra-deepwater assets, Bailey tells investors. The analyst cites Transocean's deepwater leverage for his upgrade to Outperform. In late morning trading, Transocean was higher by 3.6%. JEFFERIES UPGRADES E-TRADE TO BUY: Jefferies analyst Daniel Fannon upgraded E-Trade (ETFC) to Buy from Hold with an unchanged price target of $65. The stock's current valuation is attractive for the core business while the financial and strategic benefits as a takeout candidate remain intact, Fannon said. His favorite ideas in the group are E-Trade and Charles Schwab (SCHW). In late morning trading, E-Trade was higher by 3.5%. CREDIT SUISSE UPGRADES SUNPOWER: Credit Suisse analyst Michael Weinstein upgraded SunPower (SPWR) to Outperform from Neutral and raised his target price for shares to $10 from $8. Weinstein said the news that its interdigitated back contact solar modules manufactured in Malaysia will be exempted from U.S. import tariffs won't impact 2018 earnings, as the decision doesn't explicitly call out retroactiveness, but sees a benefit to 2019 and 2020 gross profit of $35M-$40M per year vs. prior estimates. In late morning trading, SunPower was higher by 4.7%. MORGAN STANLEY SAYS OIL SERVICES INDUSTRY ATTRACTIVE: Morgan Stanley analyst Connor Lynagh upgraded the oil services, drilling and equipment industry view to attractive, and initiated 14 stocks in the sector, including top Overweight picks Baker Hughes (BHGE), Halliburton (HAL), and Transocean. GUGGENHEIM RAISES NETFLIX PRICE TARGET: Guggenheim analyst Michael Morris raised his price target for Netflix (NFLX) to $420 from $360 and kept a Buy rating on the shares. The analyst believes that Netflix "subscriber penetration will significantly exceed what is implied in the company's current valuation." He thinks the company's Q3 launch of original local-market content in India and upgrades to its user experience will support further upside in the shares.
OII Oceaneering
$24.67

-0.7 (-2.76%)

10/12/18
SOCG
10/12/18
UPGRADE
SOCG
Buy
Oceaneering upgraded to Buy from Hold at Societe Generale
05/14/18
GSCO
05/14/18
UPGRADE
Target $29
GSCO
Buy
Oceaneering upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Waqar Syed upgraded Oceaneering to Buy from Neutral and raised its price target to $29 from $22. With Brent oil around the mid-$70/bbl range, Syed believes we are in the early stages of an offshore cycle. He notes Oceaneering's break-even prices for offshore projects are down 40%-60% from 2016 levels, and offshore project FIDs, deepwater IMR work, and drilling activity are poised to inflect higher, while valuation is near historical lows.
07/30/18
GABE
07/30/18
UPGRADE
GABE
Buy
Oceaneering upgraded to Buy from Hold at Gabelli
Gabelli analyst Simon Wong upgraded Oceaneering to Buy with a $37 private market value following the Q2 beat citing valuation and an improving offshore drilling environment.
05/24/18
WELS
05/24/18
UPGRADE
Target $24
WELS
Market Perform
Oceaneering upgraded to Market Perform from Underperform at Wells Fargo
Wells Fargo analyst Judson Bailey upgraded Oceaneering to Market Perform from Underperform as he no longer sees downside risk to estimates based on a better macro outlook. The analyst also raised his price target on the shares to $24 from $17.
NE Noble Corp.
$6.51

-0.095 (-1.44%)

10/12/18
SOCG
10/12/18
UPGRADE
SOCG
Buy
Noble Corp. upgraded to Buy from Hold at Societe Generale
10/01/18
PIPR
10/01/18
UPGRADE
Target $6
PIPR
Neutral
Noble Corp. upgraded to Neutral from Underweight at Piper Jaffray
Piper Jaffray analyst Ian Macpherson upgraded Noble Corp. (NE) to Neutral and raised his price target for the shares to $6 from $3.25. The analyst views the stock's risk/reward as balanced at current share levels. His top relative Offshore Drillers picks at this time are Transocean (RIG) and Rowan Companies (RDC). However, the analyst keeps Neutral rating on both those names.
10/01/18
10/01/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. UPS (UPS) upgraded to Outperform from Market Perform at BMO Capital with analyst Fadi Chamoun saying his meetings with institutional investors give him a more constructive outlook as the company proceeds with efforts to "add capacity across its network, implement automation," and (perform) other cost efficiency initiatives with medium-term benefits. 2. LogMeln (LOGM) upgraded to Outperform from Perform at Oppenheimer analyst Shaul Eyal saying in light of a soft 1H18 performance, the analyst views the company's recent retention concerns as gradually stabilizing per his industry checks. 3. Noble Corp. (NE) upgraded to Neutral from Underweight at Piper Jaffray with analyst Ian Macpherson saying he views the stock's risk/reward as balanced at current share levels. 4. Biogen (BIIB) assumed with an Overweight from Neutral at Cantor Fitzgerald. 5. Teva (TEVA) upgraded to Conviction Buy from Buy at Goldman Sachs and to Market Perform from Underperform at Leerink. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/18
NORD
09/28/18
UPGRADE
NORD
Hold
Noble Corp. upgraded to Hold from Sell at Nordea
ESV Ensco
$8.56

-0.05 (-0.58%)

10/09/18
WELS
10/09/18
UPGRADE
Target $11
WELS
Outperform
Ensco upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Judson Bailey upgraded Ensco (ESV) to Outperform and raised his price target for the shares to $11 from $7.50. The analyst cites valuation and free cash flow accretion from the announced merger with Rowan Companies (RDC) for the upgrade. The analyst estimates that in addition to the "strong industrial logic" of the merger and the "intangible benefits" of further industry consolidation, the merger is 25%-30% accretive to Ensco's net asset value per share. Further, the deal helps improve the company's free cash flow, liquidity, and net debt to EBITDA in 2020-2021, Bailey tells investors in a research note.
10/12/18
SOCG
10/12/18
UPGRADE
SOCG
Buy
Ensco upgraded to Buy from Hold at Societe Generale
10/12/18
JPMS
10/12/18
UPGRADE
Target $8
JPMS
Neutral
Ensco upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Sean Meakim upgraded Ensco (ESV) to Neutral with an $8 price target to reflect the announced all-stock merger agreement with Rowan Companies (RDC).
10/10/18
UBSW
10/10/18
NO CHANGE
UBSW
Buy
Investor sentiment markedly improved on offshore drillers, says UBS
UBS analyst Sasha Sanwal said investor sentiment has improved markedly on offshore driller and sees scale as being the key value driver from both an efficiency and marketing and contracting perspective. The analyst believes the companies with the largest footprint will capture the greatest "value" and thus likes the Ensco (ESV)/Rowan (RDC) combination along with Transocean (RIG) being the likely preferred investment options. Sanwal raised the price target on Ensco to $12 from $8 and on Rowan to $26.50 from $17.

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