Evercore ISI Downgrades Drilling Companies

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Evercore ISI analyst James West commented in an analyst note Monday that oil services companies estimates have been reduced across the board.

The steepest declines were forecasted for companies heavily exposed to North America where E&P expenditures are expected at -10 percent in 2015 vs. prior expectations of +8 percent.

According to the note, oil prices are not expected to fully rebound until the second half of 2015.

Below are the firm's rating changes along with current price targets:

GulfMark Offshore, Inc GLF - From Hold to Sell, $20 price target

Oil States International, Inc. OIS - From Buy to Hold, $50 price target

Parker Drilling Company PKD - From Buy to Hold, $4 price target

RPC, Inc. RES - From Buy to Hold, $18 price target

Seadrill Ltd SDRL - From Buy to Hold, $20 price target

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Posted In: Analyst ColorDowngradesPrice TargetAnalyst RatingsEvercoreJames West
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