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Fly News Breaks for July 30, 2019
Jul 30, 2019 | 09:28 EDT
RBC Capital analyst Kurt Hallead lowered his price target on Oil States to $23 after its below-consensus Q2 results driven mainly by lower EBITDA generation in its Downhole Technologies. The analyst notes that the segment was negatively impacted by the development of integrated perforating gun system, with the cost of field trials and write-offs attributed to "product design challenges". Hallead adds that Oil States still expects to recover its market share once the system is commercialized in Q4, keeping his Sector Perform rating but lowering his FY19 and FY20 EPS by 13c and 55c to (59c) and (5c).
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