Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Salomon Downgrades National-Oilwell to 'Neutral'


Salomon Smith Barney downgraded National-Oilwell (NOI) to neutral from buy as part of a downgrade of oil drillers and service companies.

Analyst Geoff Kieburtz says due to sharper-than-expected Western Hemisphere rig count declines and poor North Sea weather conditions, he believes first quarter earnings per share estimates for oilfield services companies will be lower than he initially expected. He doesn't believe the first quarter shortfall will be made up during the balance of the year.

Due to a sharp rise in valuations despite continued weakness in fundamentals, he downgraded National-Oilwell, Baker Hughes (BHI), Helmerich & Payne (HP), Hyril Co. (HYDL), Nabors Industries (NBR), Oceaneering International (OII), Patterson-UTI (PTEN), Smith International (SII), Schlumberger (SLB), Universal Compression Holdings (UCO), and Varco International (VRC).


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus