Market Watch: Oil Stocks Slide – October 2014

Oil prices have recently dipped below $80/barrel.  With Goldman Sachs recently issuing a bearish stance on Oil, we’re seeing the market respond.  Whether or not it is directly related to the GS insight and is a short-term panic attack or if oil is indeed set to slide and stay there is yet to be seen.

Goldman sees that Oil will fall even further in 2015 – all the way down to below $75.  This prediction is definitely having an impact on oil stocks for 2015.  Companies affected by the bearish outlook are:

  • Haliburton (HAL)
  • Patterson-UTI (PTEN.O)
  • Schlumberger LTD (SLB)
  • Baker Hughes INC (BHI)
  • Weatherford Int’l (WFT)

Goldman downgraded Patterson-UTI and the stock just got slammed!  Goldman does believe the oil services companies can still generate revenue, however, short-term look for prices to continue down.