NEW YORK, Jan 14 (Reuters) - JPMorgan lowered its ratings and trimmed price targets on a range of oil services and equipment companies, and the cuts dragged the Philadelphia Oil Service Index down 5.9 percent in morning trade on Wednesday.
The brokerage firm cut its price targets on Schlumberger Ltd to $55 from $60; on Smith International Inc to $31 from $45; on Tenaris to $33 from $40; on Weatherford International Ltd to $16 from $17; and on National Oilwell Varco Inc to $31 from $34.
JPMorgan also lowered its ratings on National Oilwell and Pride International Inc to 'underweight' from 'neutral.'
In his note to clients, JPMorgan analyst Michael LaMotte also lowered his ratings on Smith International and Transocean Ltd to 'neutral' from 'overweight.'
(Reporting by Euan Rocha, editing by Dave Zimmerman) Keywords: JPMORGAN/OILSERVICES (euan.rocha@thomsonreuters.com; +1 646 223 6026; Reuters Messaging: euan.rocha.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The brokerage firm cut its price targets on Schlumberger Ltd to $55 from $60; on Smith International Inc to $31 from $45; on Tenaris to $33 from $40; on Weatherford International Ltd to $16 from $17; and on National Oilwell Varco Inc to $31 from $34.
JPMorgan also lowered its ratings on National Oilwell and Pride International Inc to 'underweight' from 'neutral.'
In his note to clients, JPMorgan analyst Michael LaMotte also lowered his ratings on Smith International and Transocean Ltd to 'neutral' from 'overweight.'
(Reporting by Euan Rocha, editing by Dave Zimmerman) Keywords: JPMORGAN/OILSERVICES (euan.rocha@thomsonreuters.com; +1 646 223 6026; Reuters Messaging: euan.rocha.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.