J.P._摩根-美股--2019年秋季石油服务与设备手册-2019.9.11-26页_785kb.pdf

用户上传 更多免费报告请查看研报客 North America Equity Research 11 September 2019 Oil Services Equipment The Fall 2019 Playbook: Taking This Cycle to Its Natural Conclusion: 2015-2020e Is Normalized Our annual Fall Playbook is intended to give investors our take on how to be Oil Services and Equipment positioned into yearend as well as provide a preview into the following year. We AC Sean C Meakim, CFA think the sector is in a tricky situation for investors; despite the rally over the past (1-212) 622-6684 week, the stocks have taken another hard cut year to date on one more round of sean.meakim@ negative estimate revisions and multiple compression, and expectations of Bloomberg JPMA MEAKIM GO “normalized” earnings power for the group continues to map closer to the “here J.P. Morgan Securities LLC and now”, a reasonable conclusion as we approach the sixth year post 2014 peak.