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    Drop in oil punishes oil services stock

    AP – Thu, Oct 13, 2011

    NEW YORK (AP) — Companies that provide equipment and services to the oil industry have been punished by Wall Street as oil prices fall, and stock values are likely headed even lower ahead of earnings season, a Citi analyst said Thursday.

    Analyst Robin Shoemaker said the oil services sector, which includes Halliburton Co. and Schlumberger Ltd., has tumbled nearly 30 percent since July 15. Shares fell as crude oil prices dropped, weakening interest by well owners in producing more oil.

    Benchmark oil continued to drop Thursday by $1.95 to $83.62 per barrel on the New York Mercantile Exchange.

    In the next few weeks, shares should keep falling as Wall Street analysts pare back their earnings forecasts even further, Shoemaker said.

    Shoemaker noted, however, that the decline in oil services companies has outpaced a 20 percent drop in benchmark crude and a 13 percent drop in Brent crude. That suggests investors have been too aggressive in discounting the sector — and it could mean that these shares will eventually rebound.

    Fundamental demand for oil should prop oil service stocks back up again. Shoemaker said some of the smartest picks for investors will be companies that are in a strong position to succeed in a challenging economy.

    Shoemaker recommended buying most oil service company stocks, especially Halliburton, Schlumberger, National-Oilwell Varco Inc., Dresser-Rand Group Inc., Helmerich & Payne Inc. and Lufkin Industries Inc. All but Dresser-Rand were down 1 percent to 2 percent in morning trading as oil prices continued to fall.

     

    2 comments

    • John
      John  •  7 mths ago
      they bled us for months & i have no sympathy
    • FEIGMO
      FEIGMO  •  7 mths ago
      We can force it down even lower by simply not buying gas at Exxon or Mobile.
      Buy all the gas you want , but NOT at Exxon or Mobile. Since they are the absolute biggest , watch their prices decrease when they see a drop in gallons pumped. Within days all other companies will drop prices.
      I hope WE can all do this without finger pointing and name calling!
     Post a comment
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