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Fly News Breaks for September 16, 2019
Sep 16, 2019 | 06:40 EDT
Following the attacks on Saudi Arabia, Citi analyst Scott Gruber expects "most if not all" of the Upstream Energy complex could see an uplift. However, Nabors Industries (NBR), Schlumberger (SLB), Halliburton (HAL) and Valaris (VAL) have material operations in Saudi and could see activity slow given the magnitude of the outage, Gruber tells investors in a research note.
News For NBR;SLB;HAL;VAL From the Last 2 Days
Oct 22, 2019 | 08:04 EDT
Stifel analyst Stephen Gengaro noted that Halliburton's Q3 results missed his forecast, but he highlights a few underlying positives in the results and outlook, including the fact that Completion & Production (C&P) margins beat his forecast despite lower than expected revenue, the Q4 guidance for C&P further suggests a positive impact from Halliburton's new U.S. land playbook and the fact that the company is limiting capital spending and he believes it can achieve an annualized $300M in cost reductions over the next several quarters. Gengaro lowered his price target for Halliburton shares to $26 from $28 based on his revised 2020 EBITDA expectations but keeps a Buy rating on the stock, which he continues to see as undervalued.
Oct 22, 2019 | 07:55 EDT
RBC Capital analyst Kurt Hallead lowered his price target on Halliburton to $23 after its in-line Q3 earnings and a miss on revenue. The analyst attributes the revision to his reduction in the expected FY21 EBITDA to $3.9B from $4.1B but still keeps his Outperform rating on the stock. Hallead continues to see Halliburton as a "through-cycle core holding for large-cap energy investors" given the improvement in the international markets and the company's relatively higher shareholder return profile.
Oct 21, 2019 | 09:20 EDT
Says the rig count and completions activity may be lower in Q4 vs. last year, cites holidays and potential weather impacts, as well as customers' free cash flow generation commitments and oversupply of gas market, as well as concerns about oil demand softness in 2020.
Oct 21, 2019 | 06:50 EDT
"Our organization executed effectively in the third quarter. We managed the market dynamics and delivered our financial results as per expectations," commented Jeff Miller, Chairman, President and CEO. "Total company revenue was $5.6 billion and operating income was $536 million, representing decreases of 6% and 3%, respectively, compared to revenue and adjusted operating income in the second quarter of 2019. International revenue, which was flat sequentially, was up 10% year to date and we remain confident that we will achieve high single-digit international growth for all of 2019. International growth continues across multiple regions, benefitting both our Drilling and Evaluation and Completion and Production divisions. Our North America revenue decreased 11% sequentially driven by customer activity declines and the execution of our new playbook. I am proud of how our team performed in this challenging market. We are successfully implementing our new strategy and are focused on taking the right actions to deliver returns and cash flow for our shareholders. As the international recovery continues and the North American market matures, our strategy is allowing us to thrive in this dynamic environment, generate strong free cash flow and produce industry-leading returns," concluded Miller.