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  5. Credit Suisse starts Petrofac and Wood Group at outperform

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Credit Suisse starts Petrofac and Wood Group at outperform

Mon, 19th Sep 2016 12:57

(ShareCast News) - Markets were already looking ahead to European oilfield services companies emerging fitter and leaner from the worst downturn in exploration and production in over a generation, analysts at Credit Suisse said."Unlike 2009, this downturn has been sufficiently long to spur behavioural change - a leaner, fitter and more returns-focused industry should emerge. This will take time to be reflected in financial performance but valuations suggest the market is prepared to look well beyond the current eye-of-the-storm," the broker´s analysts said in a research note sent to clients."The base from which the sector recovers however is extremely low, and companies must navigate a precarious low-point of the cycle with limited pricing power."In the same note initiating coverage of the sector, they started Petrofac and Wood Group at 'outperform' with target prices of 1,110p and 850p, respectively, labelling both companies´ shares as their preferred ones in that space.Their coverage of Hunting was initiated with a 'neutral' recommendation and 500p target and that of AMEC Foster Wheeler - their least preferred option in the sector - at 'underperform' with a target price of 450p.Credit Suisse said there was "a lot to play for", explaining that it was tracking approximately $140bn of contract opportunities globally for oil field services firms.On Petrofac, the broker highlighted how the firm was "retreating into a high-quality core with optionality", whereas Wood Group was the "best-in-class early-cycle recovery play and was attractively valued".The recent performance in AMEC on the other hand had been "excessive" and the headwinds were being underestimated.
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Franklin appointed to Amec Foster Wheeler board

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14 Sep 2015 08:36

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4 Sep 2015 08:44

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3 Sep 2015 13:37

Amec Foster Wheeler Chief Heads Up New North Sea Efficiency Task Force

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30 Aug 2015 11:38

Amec Foster Wheeler gearing up for return to Iran

(ShareCast News) - Executives at Amec Foster Wheeler, the biggest oil and gas engineer in Britain, have held talks with the foreign secretary Philip Hammond about returning to Iran. The discussions come after the nuclear agreement reached with the Iranian government earlier this year. The deal is a

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28 Aug 2015 08:35

BROKER RATINGS SUMMARY: Credit Suisse Cuts Next And Raises IHG

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27 Aug 2015 10:17

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27 Aug 2015 10:08

UPDATE: Amec Foster Wheeler Reports Lower Interim Pretax Profit

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27 Aug 2015 07:36

Amec Foster Wheeler interim profit drops amid challenging market conditions

(ShareCast News) - Oil and gas services company Amec Foster Wheeler reported a 12% fall in first-half pre-tax profit amid challenging market conditions, as it said it continues to expect a reduction in trading margins. Interim pre-tax profit fell to £73m from £83m in the same period last year, altho

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LONDON BRIEFING: CRH Leads Strong Open Following US And Asian Markets

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