Wolfe Research initiates SLB and Baker Hughes at Outperform, Halliburton at Peer Perform

Analyst
โดย Investing.com·Read original
Summary · why it matters

Wolfe Research initiated coverage of three major oilfield services companies, assigning Outperform ratings to SLB and Baker Hughes while rating Halliburton at Peer Perform. Analyst Carlos Escalante said the industry faces a selective capital cycle favoring international exposure. On SLB, Wolfe set a $62 price target, citing margin upside from the ChampionX integration and growth in digital and data center business lines, which doubled from fiscal 2024 to 2025 and is expected to grow 13-15% annually over the next decade. Baker Hughes received a $70 price target, with Wolfe saying its free cash flow trajectory is being mispriced at an oilfield services multiple and its Industrial and Energy Technology business is set to exceed 50% of EBITDA for the first time. The pending $13.6 billion Chart Industries acquisition was flagged as a key catalyst. Halliburton was seen as largely macro dependent, carrying the largest North America exposure of the large-cap oilfield services group.

Impact on stocks 5

Energy Transition & Power Demand▲ · 3 stocks
Baker Hughes Co
BKR
▲ PositiveCapitalrelevance

Wolfe initiated at Outperform with $70 PT, citing mispriced FCF and IET business growth.

Schlumberger NV
SLB
▲ PositiveCapitalrelevance

Wolfe initiated at Outperform with $62 PT, citing margin upside from ChampionX integration and digital/data center growth.

Energy▲ · 2 stocks
SLB N.V.
0SCL
▲ PositiveCapitalrelevance

Wolfe initiated at Outperform with $62 PT, citing margin upside from ChampionX integration and digital/data center growth.

Halliburton Company
HAL
± MixedCapitalrelevance

Wolfe initiated at Peer Perform, citing macro dependence and largest NAM exposure.

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