The OPEC deal may have finally marked a buying opportunity in oilfield service stocks after a multi-year slump in the global oil market. Bernstein analyst Colin Davies now has a positive outlook for North American oil field services stocks and has initiated coverage on nine of the biggest names in the space. According to Davies, stock selection remains important. He sees the recovery playing out in two distinct phases.

Stock Selection And Recovery

“We believe the recovery will spread more rapidly than consensus, beyond the favored plays such as Permian, to shallow/mid water and near field environments and eventually deepwater,” he explained.

Bernstein is bullish on oil prices following the OPEC production cut and is calling for Brent crude to reach $60/bbl by Q3 2017, $70/bbl by 2018 and $80/bbl by 2019.

9 In Focus

The firm has initiated…

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