Oil States International Inc

Oil States International (OIS) ranks fourth on our list of the top five revenue growing OFS companies, according to analysts.

In the week ending September 18, 2015, the US offshore rig count didn’t change. The offshore rig counts have averaged 33 over the past eight weeks.

As of August 4, 2017, Weatherford International’s (WFT) short interest as a percentage of its float was 15.8%—unchanged compared to June 30, 2017.

Civeo said the demand for its services depends on its customers’ capital spending programs. As a result, it’s one of the first to suffer losses when oil drillers pare back exploration.

According to the Federal State Statistics Service, Russia’s industrial production index (IIP) fell to 3.7% in September, compared to a fall of 4.3% in August 2015, YoY.

The depreciating ruble, along with Western sanctions, has been fueling inflation in Russia. Russia imports large amounts of food, high-tech equipment, and cars.

On April 7, ~18% of the analysts tracking National Oilwell Varco rated it a “buy,” ~74% rated it a “hold,” and only 8% of the analysts rated it a “sell.”

In this seven-part series, we’ll go through some of the main positions Greenlight Capital LP traded this past quarter. Why buy Intrexon Corp. (XON)?

Halliburton’s (HAL) stock price correlation with crude oil on July 20–27 was 0.22—a moderately positive correlation.

Weatherford International’s (WFT) revenue share from North America rose in 3Q16 over 2Q16.

Russia’s woes have only deepened with the Federal State Statistics Service releasing industrial output figures for July.

These sanctions have mainly been issued against companies in Russia’s defense industry and energy industry, as well as important Russian banks and individuals.

Analysts expect Halliburton (HAL) to report adjusted EPS of $0.58 in Q2 2018, a 41% improvement from its Q1 2018 adjusted EPS of $0.41.

In fiscal 3Q17, analysts expect an ~$1.16 adjusted loss per share for Tidewater. Analysts expect Tidewater’s adjusted loss to fall in the coming quarter.

Russia’s annual GDP (gross domestic product) growth rate plummeted to -4.6%, according to the latest figures released from the Federal State Statistics Service.

A higher US rig count could increase the 4Q16 revenues and earnings of oilfield equipment and services providers such as National Oilwell Varco and Oil States International.

In this series, we’ll analyze the top five OFS (oilfield equipment and service) companies by net debt-to-equity ratio in fiscal 2017.

Einhorn acquired a small position (0.9%) in Tempur Sealy International Corp in 3Q 2013. Tempur Sealy International posted 111.4% increase in 3Q 2013 net sales.

On December 7–14, upstream stock Carrizo Oil & Gas (CRZO) fell the most on our list of energy stocks.

Einhorn exited a 0.5% position in State Bank Financial Corp. He had purchased these shares in 2Q 2011. Net income for 3Q 2013 was $4.3 million.

With Russia’s falling trade surplus, the iShares MSCI Russia Capped ETF and the Direxion Daily Russia Bull 3X ETF have fallen 16.6% and 60.9%, respectively.

Russia’s inflation rate stood at 15.3%, according to a July 6 release by the Federal Statistics Service in Russia.

Industrial production in Russia declined by 5.5% in May on a YoY basis. The Russian economy has seen a slowdown over the past year amid a global drop in oil prices.

On March 24, 92% of the analysts tracking Halliburton rated it as a “buy,” ~5% rated it as a “hold,” and 3% rated it as a “sell.”

In 3Q16, FTK’s US revenue share fell to 79% compared to 84% in 3Q15.

George Soros sees Russia in a weak position. He believes that it has enough reserves to last a couple of years. It might see a lot of debt coming due in 2017.

On March 1, 2017, oilfield equipment and services company Weatherford International was trading at $5.84, a ~6% fall compared to the previous year.

National Oilwell Varco’s correlation with crude oil prices increased in the trailing year to September 8, 2017—compared to the previous year.

In this article, we’ll look at Wall Street analysts’ recommendations for TechnipFMC (FTI) on November 9.

For 1Q17, analysts expect Superior Energy Services (SPN) to report an adjusted loss per share of $0.60, which implies an expectation of an 18% improvement.

On July 16, the US imposed additional sanctions against Russia for continuing to support pro-Russian separatists in Ukraine.

According to the August 19 release of the Federal Service of State Statistics, the unemployment rate in Russia edged down by 0.1% to 5.3% in July.

The Russian stock market is upbeat, which adds to the ruble’s strength.

Halliburton’s management is wary of higher costs of operations in North America, where HAL’s operating income fell by 95% in 4Q15 over the previous quarter.

In the week ending October 16, 2015, one US offshore rig was added to the previous week’s total, taking the count to 33 rigs.

The International Monetary Fund has forecasted that the flight of funds from Russia this year will amount to ~$100 billion—it has already become difficult to acquire capital in Russia itself.

The imposition of sanctions on Russian firms basically means that the U.S. will no longer invest in these companies—the U.S. is effectively banned from providing closed medium- and long-term dollar funding to the banks and companies on the sanctions list.

On August 6, Russian President Vladimir Putin signed a decree halting or limiting imports of agricultural products from countries that have imposed sanctions against Russia.

Relational Investors LLC was co-founded by Ralph Whitworth and David Batchelder. It filed a 13D with the SEC last week and said it acquired 11.5 million shares, or an 8.52% stake, in Manitowoc (MTW)

The U.S. has issued sanctions against two of Russia’s major energy companies—the sanctions prohibit new debt with more than 90 days maturity from U.S. institutions for OAO Novatek and Rosneft.

Apache said in its annual regulatory filing that by 2013, it completed more than $7 billion in asset sales—the proceeds were utilized to pay down nearly $2.6 billion of debt and to repurchase $1 billion of shares under a 30-million share repurchase program authorized by the company’s board.

In the week ending on April 26, upstream stock Anadarko Petroleum (APC) rose the most among the stocks in the energy space.

From Q1 2017 to Q1 2018, Weatherford International’s (WFT) EBITDA margin increased from 6.2% to 10.6%.

The correlation between National Oilwell Varco’s (NOV) stock price and crude oil prices on April 16–July 16 was 0.52.

TechnipFMC will likely close between $34.17 and $29.53 by July 25 based on its implied volatility.

From Q1 2017 to Q1 2018, the upstream companies constituting the Energy Select Sector SPDR ETF (XLE) boosted capex by 8%.

The short interest in Tenaris S.A. (TS) as a percentage of its float was 0.76% as of June 25—compared to 1.5% as of January 1.

Approximately 6% of the Wall Street analysts tracking Oil States International recommended a “sell” or some equivalent as of June 25.

According to Wall Street analysts’ ratings, National Oilwell Varco (NOV) has the highest “sell” recommendations in the OFS industry.

As of June 22, Weatherford International’s (WFT) implied volatility was 58.9%. Since April 24, when Weatherford International’s first-quarter financial results were released, its implied volatility has decreased from 63%.

McDermott International (MDR), which sell-side analysts expect to achieve the highest revenue growth in Q2, has produced 3.6% YTD returns as of June 12.

In this series, we’ll rank and analyze the top five OFS companies that are expected to generate the highest revenue growth in Q2 2018.

Since May 26, 2017, short interest in SLB has increased 1.4%.

In 2018, many OFS companies have had positive returns. In this series, we’ll analyze the top five companies by their stock market returns.

As of April 18, 2018, the short interest in Oil States International as a percentage of its float was 8.2%—compared to 10.3% as of April 18, 2017.

Short interest in Baker Hughes, a GE Company (BHGE), as a percentage of its float was 5.7% as of April 12, 2018, compared to 2.7% as of April 12, 2017.

Of the analysts tracking Baker Hughes, a GE company (BHGE), on April 10, 2018, ~47% recommended “buy” or some equivalent and ~53% recommended “hold.”

On average, Wall Street analysts expect the OFS industry’s revenues, excluding offshore drillers, to shrink 1.3% in 1Q18—compared to 4Q17.

As of March 26, 2018, Reuters reported that one analyst covered Legacy Reserves LP (LGCY) with a “sell” recommendation on the stock.

In 4Q17, 17 funds were “buyers” of Legacy Reserves LP (LGCY) stock, while 27 funds were “sellers.”

Only two sell-side analysts track Flotek Industries (FTK), as surveyed by Reuters. Both analysts recommended a “buy” or some equivalent on March 9, 2018.

The short interest in Flotek Industries (FTK) as a percentage of its float was 18.8% as of March 9, 2018—compared to 26.0% as of March 10, 2017.

Flotek Industries’ (FTK) forward EV-to-EBITDA multiple is at the steepest discount to its current EV-to-EBITDA multiple on March 9, 2018.

Wall Street analysts’ mean target price for Weatherford International (WFT) on February 2 was ~$5.30. WFT is currently trading at ~$3.50, implying an ~52.0% upside at its current price.

On December 26, 2017, 78% of the Wall Street analysts tracking Weatherford International rated it a “buy” or some equivalent.

On October 10, 2017, ~74% of the Wall Street analysts tracking Weatherford International rated it as a “buy” or some equivalent.

Nabors Industries’ (NBR) CFO (cash from operating activities) turned positive in 2Q17, compared with its negative CFO in 1Q17.

Nabors Industries’ (NBR) cash from operating activities (or CFO) turned negative in 1Q17, compared to its positive CFO a year earlier.

In this article, we’ll look Wall Street analysts’ recommendations for Weatherford International (WFT) as of June 7, 2017.

In 1Q17, analysts expect an adjusted loss of $0.35 per share for Nabors Industries (NBR).

From December 30, 2016, to the week ended April 13, 2017, the US rig count rose ~29% to close at 847. A higher US rig count could increase National Oilwell Varco’s 1Q17 revenue and earnings.

Short interest in Nabors Industries (NBR), as a percentage of its float, rose to 11.5% as of March 31, 2017—compared to 6.5% as of December 30, 2016.

According to Reuters, none of the analysts tracking Tidewater (TDW) recommended a “buy” or any equivalent for the stock.

In fiscal 3Q17, analysts expect $1.16 adjusted loss per share for Tidewater (TDW). Wall Street analysts expect Tidewater’s adjusted loss to deteriorate.

From April 1 to September 30 of fiscal 2017, Tidewater’s (TDW) revenues fell 46% compared to the same period in fiscal 2016.

SPN’s management does not expect its revenues from North America to revive in 4Q16, though in 1Q17, it expects upstream activities to pick up.

In this article, we’ll compare implied volatility for the worst oilfield service (or OFS) companies by expected earnings growth for 3Q16.

National Oilwell Varco’s (NOV) net debt (total debt less cash & marketable securities) fell 20% in 3Q15.

WFT’s higher leverage may pose increased riskiness as well, and such factors can strain WFT’s valuation.

On November 7, Weatherford International was trading at $3.91, which represents a YTD (year-to-date) fall of ~55%.

Short interest as a percentage of float in FMC Technologies (FTI) stock was 4.8% as of October 5, 2016, compared to 3.6% as of June 30, 2016.

In this part, we’ll compare the implied volatility of the worst OFS (oilfield services and equipment) companies by expected earnings growth for 3Q16.

FMC Technologies (FTI) is one of the most well-known US oilfield equipment and service providers in the US. On August 30, FTI was trading at $28.25, which was ~3% lower than its price at the beginning of 2016.

On August 12, 2016, oilfield equipment and services company Weatherford International was trading at $5.51, a fall of 36% year-to-date.

Analysts expect a healthy 15% earnings growth for Noble in the next three to five years. This could boost NE’s valuation in the medium to long term.

Baker Hughes’s chairman and chief executive officer, Martin Craighead cautioned about the challenges lying ahead in fiscal 2016.

Noble Corporation’s (NE) management thinks that upstream producers will continue to cut exploration and production spending in 2016.

Schlumberger’s management continued to restructure its workforce by reducing headcount in 4Q15. In 2015, it spent ~$500 million on technology acquisitions.

Forum Energy Technologies (FET) management expects its revenue and operating margin to decline in fiscal 1Q16. Wall Street analysts have varied opinions about FET’s target prices.

Diamond Offshore Drilling’s share price held steady until early May 2015. Since then, it has been trending down, despite its earnings improving.

The decline in oil prices is a result of the price war between US shale oil producers and OPEC, where each is pumping oil into the market—leading to oversupply—in an attempt to retain market share.

Because of the supply glut in oil, prices fell steeply, affecting energy stocks and Russia’s GDP growth rate. Oil is currently priced at ~$42 per barrel.

According to the Federal Service of State Statistics, the gross domestic product (or GDP) of Russia has fallen 4.3% for the third quarter.

According to the Central Bank of Russia, the goods and services surplus fell to $8.7 billion in August 2015, compared to $16.2 billion a year ago.

Although Iran’s return to the oil market won’t lower oil prices immediately, Russia (RSX) will have to take measures against the subsequent fall in oil prices.

The Russian ruble owes its strength to tax payments that exporters will make this year. The exporters are required to convert their earnings in foreign currency into rubles.

The Russian ruble hit a new 2015 high on July 13 of 56.375 against the US dollar and 62.74 against the euro.

In addition to the recent interest rate hike, Putin may need to exercise capital control measures in order to cushion Russia’s depreciating ruble.