Susquehanna cuts PTs on US oilfield service firms

Valaris

11/10/2024 12:05

** Susquehanna lowers price targets on oilfield service cos
as it sees Q3 U.S. drilling and completions activity to go down
from Q2 
    ** Brokerage sees downward trend due to low natural gas
prices, delays in activity due to E&P mergers, drilling
efficiencies and a focus on returns and cash flow 
    ** Susquehanna expects tempered growth in the oilfield
services sector in the U.S. and internationally
    
    Brokerage changes PT of the following firms:
 Company                  New PT   Old PT   Rating
 Halliburton  HAL.N       $42      $46      Positive
 Noble Corp  NE.N         $40      $47      Neutral
 NOV Inc  NOV.N           $22      $26      Positive
 Oil States               $5       $5.50    Neutral
 International  OIS.N                       
 Patterson-UTI Energy     $10      $13      Positive
  PTEN.O                                    
 Transocean Ltd  RIG.N    $7       $8       Positive
 SLB  SLB.N               $60      $70      Positive
 Valaris  VAL.N           $61      $62      Neutral
 

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