Pritchard Capital Out With Oil Services Industry Update (FTI, HAL, PDE, RES, SPN)
Pritchard Capital is out with its Morning Intelligence report on the oil services industry. In the report Pritchard Capital covers FMC Technologies (NYSE: FTI), Halliburton (NYSE: HAL), Pride International (NYSE: PDE), RPC, Inc. (NYSE: RES), and Superior Energy Services, Inc (NYSE: SPN).
In the note to clients, Pritchard Capital writes, "The Oil Service Index (OSX-175.86) finished up 1.3% last week, outperforming the S&P 500's (SPX-1,064.59) 0.7% decline after service stocks jumped on Friday. Commodities were mixed, with crude oil recovering from its lows to finish the week up 2.2% while natural gas fell like a rock following a larger storage injection that expected (40 Bcf versus the 38 Bcf consensus and our 33 Bcf expectation) and concerns over industrial demand, finishing the week down 12.0% to an eleven-month low. Large-cap service stocks were the best performers, up 2.8%, as Halliburton Company (HAL-$29.25) gained 5.1% on expectations domestic pressure pumping demand will remain robust well into 2011.
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