UPDATE 1-Goldman cuts price targets on 14 oil-field services cos

viernes 12 de diciembre de 2008 18:08 CET
 

 Dec 12 (Reuters) - Goldman Sachs cut the six-month price
targets on the stocks of a clutch of oil-field services
companies, saying it expects lower exploration spending by oil
majors due to current commodity prices and the ongoing turmoil
in the credit markets.
 Also, Goldman downgraded shares of onshore drilling
contractor Patterson-UTI Energy Inc (PTEN.O: Cotización) to "sell" from
"neutral" and said it sees 30 percent potential downside to its
six-month price target.
 "Even though most investors are already bracing for a
significant decline in the U.S. rig count, we do not believe
that the magnitude of decline that we are forecasting is fully
discounted in Patterson's stock," the brokerage said.
 Goldman, which earlier in the day predicted that oil could
drop as low as $30 in the first quarter of 2009, has a
"neutral" coverage view for the oil-field services sector.
 "We recognize that the stocks are already down 65 percent
from the peak but we see the potential for further downside in
the near-term as commodity prices fall to near 'cash costs' in
the first quarter of 2009," a team of Goldman analysts led by
Daniel Boyd wrote in a research note to clients.
 COMPANY NAME            RIC         PRICE TARGET
       NEW   OLD
 OFFSHORE DRILLERS
 Atwood Oceanics         (ATW.N: Cotización)      $16   $21
 Diamond Offshore        (DO.N: Cotización)       $62   $75
 ENSCO International     (ESV.N: Cotización)      $29   $32
 Hercules Offshore       HERO.O     $5    $7
 Noble Corp              (NE.N: Cotización)       $25   $26
 Pride International     PDE.N      $16   $18
 Rowan Companies         (RDC.N: Cotización)      $14   $18
 Transocean              (RIG.N: Cotización)      $58   $79
 LAND DRILLERS AND WELL SERVICES
 Helmerich & Payne       (HP.N: Cotización)       $21   $28
 Nabors Industries       (NBR.N: Cotización)      $11   $17
 Patterson-UTI           (PTEN.O: Cotización)     $8    $11
 Basic Energy            (BAS.N: Cotización)      $9    $10
 OFFSHORE TRANSPORTATION
 Hornbeck Offshore       (HOS.N: Cotización)      $15   $23
 Tidewater Inc           (TDW.N: Cotización)      $32   $35
 (Reporting by Sakthi Prasad in Bangalore; Editing by Anne
Pallivathuckal)