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News Breaks
August 11, 2014
05:51 EDTFIFrank's International upgraded to Neutral from Sell at Goldman
Goldman Sachs upgraded Frank's International to Neutral citing the recent underperformance of shares and the recent pickup of deepwater rig activity. The firm lowered its price target for shares to $21.50 from $22.
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September 29, 2015
11:52 EDTFICore Labs drops 8% after outlining impact of lower activity on Q4 view
Shares of Core Laboratories (CLB) are moving lower after the oil services and equipment company disclosed that its Chairman and CEO will address Q4 industry activity and its possible impact on our previously given guidance while presenting at a conference. According to the company, Core Laboratories CEO David Demshur plans to state that Core is now seeing a weakening environment in Q3 industry activity, but no change to its Q3 EPS guidance. Core now projects a significant decrease in Q4 operating activities, especially in North American tight oil plays due to E&P budget constraints and lower free cash flow levels for E&P companies due to low commodity prices, Demshur will add. Core now projects U.S. production to fall more than 700k bopd by year-end 2015, the executive will state. Demshur also plans to state: "Should oilfield activity levels head lower in Q4, especially in North America, Core may need to right size its cost base once again. The slowing activity level is anticipated to be significant, so the Company is currently reducing cost levels to maintain operating margins and returns on invested capital going into 2016." In late morning trading, Core Laboratories dropped 8% to $93 per share. Peer Franks International (FI) is also down 1.4% in late morning trading.

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