$HAL 4Q EPS may barely be in line with the consensus and the Q1 forecast likely will come in well below expectations, says Wells Fargo analyst Judson Bailey, citing weakness in North America completions and rig count.

HAL "could have the most turbulent EPS report in our large cap universe," Bailey writes, modeling a 9% Q/Q decline in U.S. Land revenues in Q1 and a 1%-2% drop in Q2.

Bailey foresees a wide range of $1.10-$1.50 for HAL's 2019 EPS, citing volatility in oil prices and the dynamic nature of the U.S. market; the analyst consensus estimate is $1.84.

Wells rates HAL at Outperform with a $33 stock price target.