N.Am margins rise YoY, revenue growth slows
Recovery in the core pressure pumping business is now well established. HAL's confidence in achieving 20% margins in domestic fraccing is undiminished and we believe this is discounted in consensus. As North America revenue growth slows, cost pressures (e.g. labor) emerge, and International picks up, we don't see a material, positive new catalyst for a switch to a more positive stance at this time.Halliburton assists its customers throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion and optimizing production throughout the life of the asset. The company's segments are: Completion and Production, which delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion products and services; and Drilling and Evaluation, which provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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