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APY

Apergy

$25.78

0.48 (1.90%)

17:33
10/23/19
10/23
17:33
10/23/19
17:33

Apergy reports Q3 adjusted EPS 27c, consensus 32c

Reports Q3 revenue $278.4M, consensus $307.25M. "As the quarter progressed, U.S. onshore activity deteriorated more than anticipated, resulting in lower than expected operational results in Q3," said CEO Sivasankaran Somasundaram. "While both of our segments were impacted by slowing U.S. activity, Drilling Technologies experienced a steeper than expected decline driven by the sharp decrease in the U.S. rig count, as well as the related destocking of polycrystalline diamond cutter inventories by our customers. The aggressive destocking by our drill bit customers had an estimated impact of $12M on Drilling Technologies Q3 revenue. International markets continue to remain positive and our revenues outside of North America were up 13% in the quarter compared to the year ago period. Although total company revenue declined, our proactive cost management actions and continuous productivity initiatives enabled us to post a strong adjusted EBITDA margin performance of 24% in the quarter reflecting our margin resiliency".

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APY Apergy
$25.78

0.48 (1.90%)

06/25/19
JEFF
06/25/19
NO CHANGE
Target $37
JEFF
Buy
Apergy price target lowered to $37 from $48 at Jefferies
Jefferies analyst Saurabh Pant lowered his price target on Apergy to $37 from $48 after his review of filings and discussion with management revealed to him that estimates, both his own and consensus, were missing about $45M-$50M in 2019 of recurring spend for components in its active leased ESP fleet with less than a one-year life. The analyst, who said the higher true ESP leasing spend means 2019 free cash flow is likely 25-30% lower, also trimmed his longer term growth assumptions. However, he keeps a Buy rating on Apergy shares, citing what he views as its solid fundamentals.
07/09/19
SBSH
07/09/19
DOWNGRADE
SBSH
Neutral
Apergy downgraded to Neutral from Buy at Citi
07/10/19
SBSH
07/10/19
DOWNGRADE
Target $34
SBSH
Neutral
Citi downgrades Apergy to Neutral on 'several issues' into Q2 results
Citi analyst Scott Gruber last night downgraded Apergy to Neutral from Buy and lowered his price target for the shares to $34 from $41. "Several issues" are surfacing simultaneously which presents risk around the upcoming quarter, Gruber tells investors in a research note. U.S. drilling activity fell over 5% in Q2 and is down almost 3% from the average, which presents a headwind to diamond cutter sales in Q3 as customers right size inventories, says the analyst. Further, he believes the frac holiday in Q4 of 2018 will likely impact electric submersible pumps sales in Q3, based on the normal lag. In addition, Gruber expects free cash flow expectations will likely reset lower as Apergy clarifies electric submersible pump investment and replacement spending. As such, he views the company's upcoming guidance as likely a negative for the shares.
10/10/19
PIPR
10/10/19
DOWNGRADE
Target $27
PIPR
Neutral
Apergy downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Ian Macpherson downgraded Apergy to Neutral from Overweight with a price target of $27, down from $36. The analyst moved his Q3 estimate toward the low end of the company's guidance based on the "sharper decline" in the lower 48 states. Although artificial lift has been a relatively resilient pocket within domestic oilfield servics, it won't be immune from the intensifying activity headwinds, Macpherson tells investors in a research note.

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