RESEARCH ALERT-Jefferies downgrades oil services
NEW YORK, June 26 (Reuters) - Jefferies & Co analyst Roderick McKenzie said in a research report that he had
downgraded 18 oil service stocks as a result of volatility in crude oil prices that could lead oil companies to cut their
exploration and production budgets.
-- McKenzie said land and shallow-water markets have the biggest near-term risks, while there will be few changes in
demand from deepwater projects.
-- Cut to buy from accumulate were Atwood Oceanics Inc. (ATW - news), Cliffs Drilling Co. (CDG - news), Diamond
Offshore Drilling Co. (DO - news), Ensco International Inc. (ESV - news), Global Marine Inc. (GLM - news), Marine
Drilling Cos. (MDCO - news), Newpark Resources Inc. (NR - news), Parker Drilling Co. (PKD - news), Petroleum
Geo-Services A/S (PGSO.OL), Precision Drilling Corp. (PD.TO - news), R&B Falcon Corp. (FLC - news), Rowan
Cos. Inc. (RDC - news), and Superior Energy Services Inc. (SESI - news).
-- Cut to hold from accumulate were Baker Hughes Inc. (BHI - news) and Grey Wolf Inc. (GW - news).
-- Cut to hold from buy were Maverick Tube Corp. (MAVK - news), Nabors Industries Inc. (NBR - news), and
Patterson Energy Inc. (PTEN - news). |
