Schlumberger drew an upgrade to buy from neutral at Goldman Sachs on Monday. Analyst Charles Minervino added the oil service giant to his conviction buy list based on its international opportunities. Schlumberger's overseas business "positions it better in this environment as North American spending cuts have trended worse than we expected," Minervino said in a note to clients on Monday. Goldman also downgraded Halliburton to neutral from buy, "given its high exposure to cyclically sensitive product lines like pressure pumping which is not where we want to be positioned heading into this downcycle." Goldman Sachs downgraded Diamond Offshore to neutral from buy and removed Transocean from its conviction buy list.
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- Fox Business: Goldman Upgrades Schlumberger, Cuts Halliburton, November 03, 2008
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