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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1026 sec (10 req/sec)