Market Overview

UPDATE: J.P. Morgan Downgrades Baker Hughes; Upgrades Weatherford

Share:
Related WFT
Why The 'Real Deflategate' Is Happening In Oil Services
What Steven Cohen Is Doing With His Personal Wealth
Related BHI
UPDATE: Baker Hughes Rig Count
A Look At Jeffrey Ubben's Latest ValueAct Capital 13F
Wait To Buy Halliburton - Oil Prices May Not Rebound Until 2017 (Seeking Alpha)

According to a research report published this morning, J.P. Morgan has downgraded Baker Hughes (NYSE: BHI) from Overweight to Neutral, and upgraded Weatherford (NYSE: WFT) from Neutral to Overweight.

J.P. Morgan commented in the report, "With few signs of an inflection point in the international markets, we continue to believe investors should be positioned towards a North America “recovery trade” as the market comes back into balance in 2H12. With pressure pumping capacity additions peaking (new equipment orders have all but ceased), it's just a matter of time for oil activity levels to absorb capacity. However, in the meantime, pricing power is firmly in the hands of the operators (E&Ps), with one exception…artificial lift, one of the reasons behind our upgrade of Weatherford to Overweight from Neutral. On the other hand, we are downgrading Baker Hughes to Neutral from Overweight on heightened execution risk to its North America turnaround strategy, as we're concerned that a logistical overhaul and infrastructure build out will be difficult to achieve by the end of the year."

J.P. Morgan maintains the following: BHI, $50 PT, closed yesterday at $40.96. WFT, $19 PT, closed yesterday at $12.45.

Latest Ratings for WFT

DateFirmActionFromTo
Feb 2015BMO CapitalInitiates Coverage onOutperform
Feb 2015JefferiesMaintainsHold
Jan 2015Deutsche BankMaintainsBuy

View More Analyst Ratings for WFT
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Upgrades Downgrades Analyst Ratings

 

Related Articles (BHI + WFT)

Around the Web, We're Loving...