Positive Rating Maintained For Halliburton (HAL), Smith International (SII) And National Oilwell Varco (NOV)

Susquehanna Financial Group maintained a Positive rating for Halliburton Co. (NYSE: HAL), Smith International, Inc. (NYSE: SII) and National Oilwell Varco, Inc. (NYSE: NOV).

The firm believes that the recent pullback of 5 percent in the PHLX Oil Service Sector (OSX) index has created a more compelling buying opportunity. Despite improving fundamentals, the group was mature for a pullback as the firm expected the companies to dampen the bullish outlooks heading into the year. This was by reiterating that spending budgets have not yet increased and contract pricing renegotiations will weigh on 2010 margins, and it rallied too aggressively to start the year with little incremental data support.