Wells Fargo cuts PT on US oilfield service firms

NOV

25/09/2024 13:09

** Wells Fargo lowers price target on oilfield service cos
Halliburton  HAL.N , NOV  NOV.N  and SLB  SLB.N  as it sees the
oil and gas sector to remain in a structural down cycle that's
likely to persist till later in this decade
    ** Sees down cycle to weigh upon OFS (Oilfield Services &
Equipment) growth, returns and potential equity returns
    ** Adds current market conditions are unfavorable to a
meaningful upswing in orders for NOV
    ** Says, it lowers PT on SLB due to a slowdown in capital
expenditure (capex) for exploration and production (E&P)
activities and recent acquisitions
    
    Here are the PT cuts made by Wells Fargo:
 Company       Rating                       New PT  Old PT
 Halliburton   Maintain "over weight"       $39     $46
  HAL.N                                             
 NOV Inc       Downgrades to "under         $16     $20
  NOV.N        weight" from "equal weight"          
 SLB  SLB.N    Maintain "equal weight"      $49     $53
 

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))