Fly News Breaks for October 8, 2019
HP, PTEN, NINE, FTSI
Oct 8, 2019 | 07:16 EDT
As previously reported, BofA Merrill Lynch analyst Chase Mulvehill downgraded Helmerich & Payne (HP) and Patterson-UTI (PTEN), each to Neutral from Buy, and downgraded Nine Energy Services (NINE) and FTS International (FTSI), each to Underperform from Neutral. Mulvehill said capital discipline and service efficiency gains from U.S. E&P comapnies is leading to intensifying weakness across the Oil Field Services sector, driving activity that has been even worse than his already more cautious view. He also sees it as increasingly likely that 2020 will be another year of spending contraction for U.S. explorers and producers. For the two stocks he cut to Underperform, Mulvehill additionally cited the companies' levered balance sheets.
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