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Fly News Breaks for August 28, 2019
NBR, NINE, QES, SLB, BHGE
Aug 28, 2019 | 06:18 EDT
BofA/Merrill analyst Chase Mulvehill downgraded Nabors (NBR), Quintana Energy Services (QES), and Nine Energy Services (NINE) to Neutral from Buy in a broader research note, saying E&P companies are increasingly focused on efficiency gains. The analyst notes however that the technology adoption and service integration are still in the "early innings" of reducing capital intensity. Mulvehill adds that the rating change for these U.S. companies is driven by heightened global macro uncertainty and the resulting oil price volatility, stating that he prefers names with international exposure like Schlumberger (SLB) and Baker Hughes (BHGE).
News For NBR;NINE;QES;SLB;BHGE From the Last 2 Days
SLB
Oct 18, 2019 | 09:09 EDT
UP AFTER EARNINGS: Coca-Cola (KO), up 2%... Intuitive Surgery (ISRG), up 3%... Synchrony (SYF), up 2%... Schlumberger (SLB), up 1%... American Express (AXP), up 1%... State Street (STT), up 3%...Kansas City Southern (KSU), up 3%. ALSO HIGHER: Snap (SNAP), up 3% after BofA Merrill Lynch analyst Justin Post upgraded the stock to Buy from Neutral with an $18 price target. The stock has sold off despite "solid" industry and advertising spend channel checks, Post tells investors. DOWN AFTER EARNINGS: Sensient (SXT), down 2%... Gentex (GNTX), down 2%. ALSO LOWER: CSX (CSX), down 1% after announcing its intention to purchase approximately 4.7M shares from Mantle Ridge amid Mantle Ridge's sale of an additional approximately 18.8M shares into the market.... Macy's (M), down 4% after Credit Suisse analyst Michael Binetti downgraded the stock to Underperform from Neutral with a price target of $12, down from $19... L Brands (LB), down 6% after Credit Suisse's Binetti downgraded shares to Underperform from Neutral with a price target of $14, down from $22... Gap (GPS), down 6% after Credit Suisse's Binetti downgraded the stock to Underperform from Neutral with a price target of $14, down from $20.
SLB
Oct 18, 2019 | 08:45 EDT
Says: North American land drilling sales were flat in Q3... Sees high single digit international growth for FY19... Sees seasonal weakness in North America in Q4... Expects Q4 drop in North America steeper versus prior year.. Strategic view of North America underway and will be completed in Q4... Making progress in Argentina SPM asset sale. Comments taken from Q3 earnings conference call.
BHGE
Oct 18, 2019 | 08:30 EDT
New option listings for October 18th include Baker Hughes Company (BKR). Option delistings effective October 18th include Baker Hughes a GE Company (Class A Stock) (BHGE).
SLB
Oct 18, 2019 | 07:29 EDT
Schlumberger CEO Olivier Le Peuch commented, "We ended the third quarter with revenue of $8.5 billion, a 3% sequential increase while pretax segment operating income of $1.1 billion rose 13%. I am pleased with the results and proud of the team's performance. Sustained international activity drove overall growth despite mixed results in North America. The North America business saw strong offshore sales with minimal growth on land due to slowing activity and further pricing weakness. Third-quarter EPS of $0.43, excluding charges, was 23% higher than the second quarter. Sequential international growth was led by the Europe/CIS/Africa area, where revenue increased 9% sequentially driven by peak summer activity in the Northern Hemisphere as well as the start of new projects in Africa. International revenue was also driven by double-digit growth in Asia. Latin America revenue declined 9% sequentially on lower activity in Argentina and Mexico. Excluding Cameron, third-quarter international revenue increased 8% year-over-year, remaining in line with our expectations of high single-digit international growth. As we enter the fourth quarter, international activity will be affected by the usual winter slowdown, particularly in the Northern Hemisphere. In North America, offshore revenue grew sequentially due to higher WesternGeco multiclient seismic license sales. Land revenue was slightly higher, as a modest increase in OneStim activity was offset by softer pricing while land drilling revenue was essentially flat despite the lower rig count. As we exited the quarter, OneStim activity decelerated as frac programs were either deferred or cancelled due to customer budget and cash flow constraints. By business segment, third-quarter sequential growth was led by a 6% increase in revenue in Reservoir Characterization due to peak summer campaigns, particularly in the Northern Hemisphere. Cameron revenue increased 3% sequentially from higher OneSubsea, Surface Systems, and Drilling Systems sales-primarily in the international markets. Drilling and Production revenue each increased 2% sequentially on international growth and decelerating activity in North America land."
SLB
Oct 17, 2019 | 13:01 EDT
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 56c... American Express (AXP), consensus $2.03... Schlumberger (SLB), consensus 40c... Synchrony (SYF), consensus $1.13... State Street (STT), consensus $1.39... Citizens Financial (CFG), consensus 96c... Kansas City Southern (KSU), consensus $1.79... Gentex (GNTX), consensus 42c.