reports
- Stephen Simko
Raising Baker Hughes' FVE After Taking into Account GE Deal and Pressu...
After fully incorporating the recent strategic moves related to Baker Hughes’ business, we are raising our fair value to $58 per share from $45. This major increase in valuation results from the in-depth review we recently performed of the firm’s pending merger with GE’s oil and gas business, as well as our updated valuation of the company’s recently spun-off pressure pumping business. Baker inked itself a very good deal in merging with GE, which all told adds about $18 per share to our ...
- Stephen Simko
Danger Zone: Coming Shale Growth Poses Major Risks to Oil Prices
OPEC's production cuts and strong demand growth have 2017 crude fundamentals in their best shape since oil prices crashed two years ago. The consensus outlook is that fundamentals are now strong enough to remain healthy even after OPEC's cuts lapse. This might have been possible a few months ago, but the odds of this scenario playing out have markedly worsened since. The reason is that major increases in shale activity now have U.S. production firmly on a path of rapid growth, even if rig counts...
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