Continued Decline in 2Q for Oil and Gas E&Cs, but Outlook Remains More Positive
Oil and gas engineering and construction companies TechnipFMC, Saipem, and Subsea 7 released mixed second-quarter results, with near-term declines in financial performance being contrasted with a more positive forward-looking picture. Our fair value estimates and no-moat ratings for each of the companies remain unchanged.Each of the companies' Subsea E&C-focused segments (generally the largest segment for each in terms of operating profit) has seen deteriorating near-term financial performa...
Subsea 7 is a provider of seabed-to-surface engineering, construction and services contractor to the offshore energy industry. Co. provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. Co. also provides products and capabilities to deliver full Life of Field services to its clients. Through its i-Tech Division, Co. provides remotely operated vehicles and tooling services to support exploration, production and drilling activities.
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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