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Halliburton +6% as worst may be over for oilfield service business

Stock Markets Jan 22, 2018 03:42PM ET
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© Reuters. Halliburton +6% as worst may be over for oilfield service business
  • Halliburton (HAL +6.3%) surges to its highest level in nearly a year following better than expected Q4 results and an upbeat view of the health of the U.S. oil industry given the rise in oil prices and increased drilling.
  • “I am very excited about the way 2018 is shaping up,” HAL CEO said during today’s earnings conference call. “North American unconventional activity should be very busy.”
  • HAL says it is essentially sold out in terms of its fracking fleet in a market that is short of supply, and CEO Jeff Miller noted that the company has "less equipment in the field than we did at our peak in 2014."
  • “The big takeaway is that [SLB] conveyed an unequivocally constructive outlook for the industry in 2018,” says Simmons analyst Bill Herbert, noting the company’s expectation that its North American margins will climb to ~20% this year after coming in at the mid-teens last year.
  • Guggenheim upgrades HAL to Buy from Neutral with a $75 price target, reflecting its belief that the U.S. fracking market will stay tight this year, supporting pricing, with HAL set to benefit from lower corporate taxes and the addition of new fleets of equipment.
  • HAL's strong showing gives hope that the worst is over for oilfield servicers: SLB +4.3%, NOV +2%, BHGE +2.5%, SPN +4.2%, FRAC +2%, DRQ +1.5%, FET +2.6%, OIS +1.8%.
  • Now read: Halliburton: Earnings Beat Was Not A Shocker


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Halliburton +6% as worst may be over for oilfield service business
 

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