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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.
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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 (NYSE: GLF) - From Hold to Sell, $20 price target
Oil States International, Inc. (NYSE: OIS) - From Buy to Hold, $50 price target
Parker Drilling Company (NYSE: PKD) - From Buy to Hold, $4 price target
RPC, Inc. (NYSE: RES) - From Buy to Hold, $18 price target
Seadrill Ltd (NYSE: SDRL) - From Buy to Hold, $20 price target
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.