Mammoth Energy Services: CS downgrades on Puerto Rico uncertainty

Mammoth Energy Services

19/03/2019 11:44

** Credit Suisse downgrades integrated oilfield service
company Mammoth Energy Services  TUSK.O  to "neutral" from
"outperform" 
    ** Puerto Rico headwinds (U.S. government shutdown, delay in
front-end engineering work) means TUSK will burn through $140
mln of backlog and leave the island - CS
    ** After removing Puerto Rico, TUSK is left with a
challenged OFS business - CS
    ** CS cuts PT to $17 from $33, which is $14/shr for the
ex-Puerto Rico business and $3/shr for the Puerto Rico work
    ** 8 of 11 brokerages rate the stock "buy" or higher and 3
"hold"; median PT $25 - Refinitiv data
    ** Up to Monday's close, stock up ~1.6 pct this year

 (Reporting by Siju Varghese in Bengaluru)
 ((Reuters Messaging:
Siju.Varghese.thomsonreuters.com@reuters.net))