NCS Multistage extends slide: WFC downgrades on Canada risk

NCS Multistage Holdings

15/10/2018 16:50

** Shares of NCS Multistage Holdings Inc  NCSM.O  drops 12
pct after Wells Fargo demoted to "market perform" from
"outperform" 
    ** Broker cuts PT from $21 to $15, lowest on the Street
    ** Stock currently down 10.9 pct at $13.26 , among top 5
percentage losers on the Nasdaq  .IXIC 
    ** In a note which says despite expected short-term
volatility, "long-term value could be compelling" for
small/midcap oil services & equipment cos, lead analyst Judson
Bailey cites Canadian risk as impetus for NCSM downgrade 
    ** Bailey notes that Canadian activity accounts for more
than half of NCSM's revenues, writes that WCS (Western Canadian
Select) oil price pressures may not alleviate until 2020 due to
pipeline constraints
    ** Today's drop extends stock's slide, over last 4 sessions
it has lost over a fifth of its value since Oct 10 when co filed
8-K with SEC, amending and restating a credit agreement dated
May 4, 2017  urn:newsml:reuters.com:*:nFWN1WQ0QM
    ** Of 8 analysts covering NCSM, 6 rate co "buy" or stronger,
remaining 2 "hold"; median PT $21
    ** Today's drop pulls stock firmly in negative territory for
2018, now down >10 pct since the beginning of the year

 (Reporting by Stephen Culp)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))