$HAL Oil service stocks drop as Halliburton'
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Posted On: 07/23/2018 11:54:14 AM
$HAL
Oil service stocks drop as Halliburton's Q2 fails to calm concerns
Oil service stocks are dropping amid Halliburton’s (HAL -8.3%) Q2 earnings conference call, as the company comments on Permian bottlenecks, pricing and temporary softness in the Marcellus Shale.
HAL, which fell slightly in premarket trading after reporting in-line Q2 results, has plunged as much as 8% after the opening bell, the most intraday since
August 2015; other sector losers include RES -6.9%, PTEN -4.6%, SPN -3.4%, PKD -3.1%, WFT -3%, NBR -2%, HP -1.5%, NOV -1.3%.
Societe General's Edward Muztafago says HAL's Q2 is less about the earnings number and more about worries over transportation constraints in the Permian Basin.
Wells Fargo’s Jud Bailey says investor expected a strong Q2 beat, adding that HAL’s outlook for North American activity and margins in H2 2018 is critical; the firm sees the outlook "likely to soften given the recent weakness in pressure pumping supply/demand fundamentals." (Briefing.com)
Oil service stocks drop as Halliburton's Q2 fails to calm concerns
Oil service stocks are dropping amid Halliburton’s (HAL -8.3%) Q2 earnings conference call, as the company comments on Permian bottlenecks, pricing and temporary softness in the Marcellus Shale.
HAL, which fell slightly in premarket trading after reporting in-line Q2 results, has plunged as much as 8% after the opening bell, the most intraday since
August 2015; other sector losers include RES -6.9%, PTEN -4.6%, SPN -3.4%, PKD -3.1%, WFT -3%, NBR -2%, HP -1.5%, NOV -1.3%.
Societe General's Edward Muztafago says HAL's Q2 is less about the earnings number and more about worries over transportation constraints in the Permian Basin.
Wells Fargo’s Jud Bailey says investor expected a strong Q2 beat, adding that HAL’s outlook for North American activity and margins in H2 2018 is critical; the firm sees the outlook "likely to soften given the recent weakness in pressure pumping supply/demand fundamentals." (Briefing.com)
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