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Oil service: another warning shot
Last week Weatherford (WFT) fell 9% to the lowest level since 2008, SBM Offshore followed and fell to the same crisis level. SBM highlighted slowing capex decisions but the market attributed these...
View ArticleOil / Oil Service: Sell TGS
We took profits in PGS last week and our traders are now suggesting you sell TGS. You could argue most stock related news flow is stock-specific. Combined however, and a question is certainly being...
View ArticleSubsea7 and Brazil: learning’s post the call. Continue to avoid E&C
In summary, the logistics have worsened over the lifetime of the project (it has been hard getting equipment into the country and through customs on time) and have been working in winter (and the...
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TGS: a warning. “Too early to cover shorts just yet”
As we discussed on Friday, it is too early to cover shorts in Oil-service. Six weeks after its Capital Markets Day (23 May), where FY13 guidance was reiterated, TGS warns on Q2 and FY13. This is how...
View ArticleTGS Nopec warns. Why does it matter?
TGS is a multi-client pure-play, meaning it shoots seismic data which is then put up for sale at a later date to multiple clients on a non-exclusive basis (as opposed to contract seismic which is...
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Remain seller of Seismic
Riccardo has warned on Seismic names for a while. Just yesterday he reminded us of his sell on CGG and we added PGS to our note. He has been a seller of TGS for some time, and reiterated his view...
View ArticleMan on Fire = Riccardo Ronco
Today’s calls include: TGS was first name on his list last night, reiterating a sell on it. He remains a seller of Jeronimo Martins which is breaking down post Tesco reminding us of Poland’s woes and...
View ArticlePGS: warning was expected
TGS had basically told you to expect a warning from PGS two weeks ago, which is why it’s traded as it has today. That said, we would remain a seller on further strength. Q3 net income of $74mn was 7%...
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