Falling Oil Prices Have Made Oilfield Service Stocks Very Cheap Again
Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breeched 15-plus year lows.For oilfield service companies, we think the market is pricin...
Covia Holdings is a holding company. Through its subsidiaries, the company provides minerals-based and material solutions for the Industrial and Energy markets. The company's Industrial segment provides raw products to the glass, ceramics, coatings, polymers, construction, foundry, filtration, sports and recreation and various other industries. The company's Energy segment provides the oil and gas industry a portfolio of raw frac sand, proppants, well-cementing additives, gravel-packing media and drilling mud additives that meet or exceed the American Petroleum Institute standards. The company's products serve hydraulic fracturing operations in the United States, Canada, Argentina, Mexico, China, and northern Europe.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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