Rates Slashed On Five European Oil Giants

Wednesday, April 11, 2001
Morgan Stanley said on Wednesday it had cut ratings and price targets on five European oil service companies on fears the sector was not immune to a possible U.S. recession and global slowdown.

Analysts at the investment bank cut their rating on Expro to "neutral" from "strong buy", on Coflexip and Stolt Offshore to "neutral" from "outperform" and on Bouygues Offshore to "outperform" from "strong buy".

They cut their price target on Geophysique by 20 percent to 80 euros from 100, but increased their target for Technip by five percent to 200 euros from 190.

Technip shares were the most attractive entry point to Coflexip exposure and had the most defensive and diverse earnings profile of the group, Morgan Stanley analysts said in a research note.

"Commodity supply fundamentals are exceptionally strong, both in the U.S. natural gas market and global oil market, but slowing demand is becoming a concern to us," they said.

OPEC cuts could become increasingly hard to implement in a falling demand environment, they added.

It was also predicted by the analysts that the European oil services stocks going forward were Saipem and IHC Caland.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

 
 
Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0951 sec (11 req/sec)