Friday June 26, 11:05 am Eastern Time
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). |
